The FCA is proposing "significant reform" of the general insurance market to enhance competition, ensure consumers will receive fair value, and increase trust in the market. The FCA is proposing that when a customer renews their home or motor insurance policy, they pay no more than they would if they were new to their provider through the same sales channel. For example, if the customer bought the policy online, they would be charged the same price as a new customer buying online.
The Coronavirus outbreak has triggered a review of life insurance applications. This could affect clients currently residing in some of the affected areas around the world or have plans to travel to these areas are likely to see applications for life insurance "postponed". He also said: "Furthermore, although unlikely, there is a possibility that insurers across the market may take a view that they will postpone all applications for life insurance until the risks associated with coronavirus are more quantifiable.
Responding to last night's vote on the EU Withdrawal Agreement, the chief executive of UK Finance warned that "time is running out to avoid a chaotic ‘no-deal’ Brexit that would be catastrophic for the UK economy". The Bank of England governor today said markets believe Brexit could be softened or even cancelled after Theresa May's catastrophic defeat last night.
The 61-year-old had been a home and contents insurance customer with the same provider for 20 years, and was eventually paying £2,000 a year. One phone call querying the cost reduced the annual premium to £750. Now the UK's competition watchdog has said millions of unsuspecting customers were being exploited by bad practices by firms. It has responded to a so-called super complaint from Citizens Advice which argues that loyal customers are being "ripped off" for mobile, broadband, savings, home insurance and mortgage deals.
Every 10 years or so a financial crisis hits global markets and its 10 years since the last one. This week the IMF warned that not only are the storm clouds of the next global financial crisis gathering, but also that the world financial system is unprepared for another downturn.