The Financial Conduct Authority has ruled firms must not charge their existing clients more than new ones for car and home insurance. Providers fear it could open the floodgates to PPI-style claims, which forced banks to hand back more than £50bn in compensation for mis-sold policies. (Image: Getty)Meanwhile the insurance firms offer their new clients better rates. The FCA says new customers pay an average £285 for car insurance, while long-term customers pay £370. “I suspect the industry will resist very strongly because they are paranoid about a mass claim.”

Source: Daily Mirror September 26, 2020 20:00 UTC