Clubjazz - Honda Jazz & HR-V Forums
Diagnostics, Tuning, Modifications and Maintenance - all Hondas => Dealers & Insurance => Topic started by: ColinS on December 06, 2021, 03:24:35 PM
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Received this from LV= today:
Hi Colin, I'd like to tell you about a new regulation from the Financial Conduct Authority (FCA). For all motor or home insurance renewal quotes generated on or after 1 January 2022, we'll make sure the price you pay is the same or cheaper than if you were a new customer with us for a like-for-like policy.
This significant change will impact every motor and home insurer in the UK but it won’t affect your cover or the quality of our service.
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The FCA are also raising their annual broker prices from £1,800 to £2,200.
For that fee brokers get nothing other than a list of rules to follow or they get heavily fined.
My broker friend and other brokers he knows reckons they are an unregulated shower.
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I suspect it just means that "new customer" and web quote prices will go up across the board. But it may save me having to phone up every year to get them to drop the price.
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Rest assured you will have "special circumstances" preventing you getting a better deal than a employed bartender from Somerset who lived with his mother and wife and has no accidents for 50 years of driving :'(..
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The FCA are also raising their annual broker prices from £1,800 to £2,200.
For that fee brokers get nothing other than a list of rules to follow or they get heavily fined.
My broker friend and other brokers he knows reckons they are an unregulated shower.
The FCA are the regulator of financial businesses, not their trade body. The FCA's primary role is to protect consumers, not to provide services to financial businesses. (They are however supposed to ensure a healthy market etc)