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FCA says insurer Admiral gave customers wrong information
June 16, 2017 / 10:08 AM / 5 months ago

FCA says insurer Admiral gave customers wrong information

LONDON (Reuters) - British motor and home insurer Admiral apologised on Friday after the Financial Conduct Authority (FCA) said the company gave inaccurate information to some customers who renewed polices in the past two months.

The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

Under FCA rules which came into force in April, insurers’ renewal notices must show the premium customers paid last year.

“The FCA has found that Admiral included inaccurate premium amounts in renewal documents issued to some customers by publishing last year’s quoted premium, before discounts were applied, rather than what the customer actually paid,” the watchdog said in a statement.

Admiral has agreed to contact affected customers who renewed their policies after April 1 and who may have received inaccurate information, the FCA said.

“If affected customers choose to go to another insurer, they will be able to cancel without penalty and will have their premium refunded,” the watchdog said.

A spokesman for Admiral, which has over 4 million UK customers, declined to say how many customers had been affected.

The FTSE 100 company said in a statement that it apologised for “any confusion or inconvenience caused to customers who received an inaccurate renewal document”.

“We are getting in touch with affected customers to ensure they are fully satisfied.”

A spokeswoman for the FCA said it did not plan further action against Admiral.

Reporting by Huw Jones and Carolyn Cohn; Editing by Susan Fenton

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