Insurer Warns Of Impact From FCA Dual Pricing Reform
Law360, London (April 7, 2021, 11:33 AM BST) -- Insurance giant Saga PLC said on Wednesday that it expects a "short-term financial impact" from pricing reforms due to be introduced by Britain's finance watchdog at the end of this year.
But the insurer, which caters for the over-50s, said in its annual results that it is confident about its prospects even after the Financial Conduct Authority introduces the "loyalty penalty" ban on Dec 31.
The City watchdog will require insurers to charge existing home or motor insurance policyholders the same price they offer to new customers — a move that experts say drives a bulldozer through the established loss-leading practices of...
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