INSURANCE firms are being investigated over fears they rip off customers who loyally stick with the same providers. Prices for home and car insurance policies will be scrutinised to see if millions of British people are being unfairly charged. Britain’s financial markets regulator the Financial Conduct Authority (FCA) is launching the study – weeks after Citizens Advice revealed that millions of people are being overcharged up to £4billion a year for loyally sticking with insurance, mobile phone, broadband, mortgage and saving account providers. The new investigation could pave the way for an insurance price cap similar to the one introduced for energy firms to help put an end to sky-high gas and electricity bills. The FCA said it was concerned customers are being “harmed” by general insurance policy prices, which includes home and car insurance. Experts have welcomed the study, which will be published by the end of 2019 – but warned customers not to rely on any “silver bullet” measures offered up by the FCA next year to cap prices as it would not bring down bills overnight. Andrew Bailey, the FCA’s chief executive, said of the study: “Our initial work has identified a number of areas of potential… Read full this story
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