What are the new FCA regulations about?
The changes in regulations, that came into force from 1 January 2022, affect insurance providers. In short, they mean that:
- if you're already a motor or home insurance customer, your renewal price will be the same as or lower than an equivalent price for a new customer
- for most general insurance policies, you'll have the ability to opt out of auto-renewal at any point during your cover term
- insurers must make it clear where the cost of your insurance will be higher if you pay monthly than if you pay annually.
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