jonttt
Monaco
- Joined
- 20 Aug 2012
- Messages
- 10,585
The FCA have set out a number of requirements with the aim of increasing transparency and engagement at renewal. These new rules are intended to address concerns about levels of consumer engagement at policy renewal, improve the treatment of existing consumers by firms; and promote effective competition in the market.
This requirement will take effect on policies invited for renewal on or after the 1st April 2017.
A summary of the changes are to:
disclose last year's premium at each renewal, so that it can be easily compared to the new premium offered
encourage consumers to check their cover and shop around for the best deal at each renewal, and
identify consumers who have renewed four, or more, consecutive times, and give these consumers an additional prescribed message encouraging them to shop around. This includes consumers who renew after 1 April 2017 who may have already renewed four or more times before these rules come into force.
I think forcing disclosure of the previous years premium on the renewal notice is very important :thumb:
This requirement will take effect on policies invited for renewal on or after the 1st April 2017.
A summary of the changes are to:
disclose last year's premium at each renewal, so that it can be easily compared to the new premium offered
encourage consumers to check their cover and shop around for the best deal at each renewal, and
identify consumers who have renewed four, or more, consecutive times, and give these consumers an additional prescribed message encouraging them to shop around. This includes consumers who renew after 1 April 2017 who may have already renewed four or more times before these rules come into force.
I think forcing disclosure of the previous years premium on the renewal notice is very important :thumb: