- The FCA has found that pricing practices in the home and motor insurance markets are “not working well for consumers”. It will consult on potential remedies in Q1 2020 once its final report is published.
- Possible solutions include prohibiting certain pricing strategies and measures designed to make switching easier for consumers.
- Firms’ oversight of pricing practices requires “significant improvement”.
- All firms in the general insurance distribution chain (including distributors and price comparison websites) are impacted by these findings.
- The deadline for responding to the FCA’s questions is 15 November 2019.