Are you clear about the FCA rules on renewal transparency and engagement, which came into effect on 1 April 2017?
We’ve provided this guidance to help you avoid some of the implementation concerns highlighted by the regulator.
FCA rules on renewal transparency
All the information that should be included can be viewed here.
These rules were introduced to improve customer engagement with the renewal process and promote effective competition. They apply when a firm sends a general insurance renewal notice to a customer, with a duration of 10 months or more (group policies are not in scope).
Firms are expected to take into account the FCA’s original consumer trials, which showed that disclosure is most effective when on the front page of the renewal notice.
The information we’ve provided here should be used as support only. You can download this advice as a pdf by clicking here.
Further information can also be found below:
- Increasing transparency and engagement renewal general insurance markets
- Find out more about renewal transparency rules at fca.org.uk
Please consider taking your own professional advice on compliance as required.