Insurers have been banned from offering cheaper deals to new customers – here’s how it will work
, when insurers will be banned from quoting policyholders a higher price to renew their home or motor insurance than they would offer a new customer. The move will leave some customers better off, but others look likely to pay more.After years of complaints that customers who regularly switched insurer were paying significantly lower premiums than those that renewed automatically, the Financial Conduct Authority has said both sets of customers must now be offered the same price.
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