UK motor insurers breaching rules on fee information: FCA
UK motor insurers aren't properly disclosing details on fees and how they are calculated, according to the country's financial watchdog. In a review of carriers, the Financial Conduct Authority said it found many companies were not adhering to its transparency rules, especially when selling policies online. It also found that some cancellation fees were "unreasonably high" after levies to the insurer and broker were combined. Firms "must communicate their fees and charges to their customers in a way which is clear, fair and not misleading", the FCA said.
Regulator says research shows some motor brokers and insurers fail to clearly disclose fees and how they were calculated.

The Financial Conduct Authority (FCA) has stated that it has found a number of poor practices in how motor brokers and insurers disclose their fees.

In its regulation round-up for March the watchdog said it had conducted research on fees charged by brokers and insurers, however, according to a spokesperson for the FCA this research has not been published.

The regulator noted that the research had found that some firms were not clearly disclosing the fees and charges customers would be charged