Regulator warns insurers over coverage renewals

LONDON (Reuters) – Britain’s markets watchdog stated on Tuesday it might take motion towards basic insurance coverage companies who have been failing to implement guidelines designed to extend transparency and encourage prospects to buy round earlier than renewing insurance policies.

The emblem of the brand new Financial Conduct Authority (FCA) is seen on the company’s headquarters within the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

The Financial Conduct Authority (FCA) stated RAC, an insurer and roadside restoration company, had turn out to be the most recent agency to conform to contact affected prospects after failing to correctly show the prior and present 12 months premiums and buying round messages in its coverage renewal paperwork.

“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,” stated Jonathan Davidson, an govt director of supervision on the FCA.

Reporting by Kirstin Ridley, modifying by Carolyn Cohn

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