April 3, 2018 / 9:58 AM / a year ago

UK regulator warns insurers over policy renewals

LONDON, April 3 (Reuters) - Britain’s markets watchdog said on Tuesday it would take action against general insurance firms who were failing to implement rules designed to increase transparency and encourage customers to shop around before renewing policies.

The Financial Conduct Authority (FCA) said RAC, an insurer and roadside recovery company, had become the latest firm to agree to contact affected customers after failing to properly display the prior and current year premiums and shopping around messages in its policy renewal documents.

“It is simply unacceptable to see that some firms are still not being properly transparent with their customers a year on from the introduction of the rules,” said Jonathan Davidson, an executive director of supervision at the FCA.

Reporting by Kirstin Ridley, editing by Carolyn Cohn

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