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UK FCA initiates competition review of premium finance market

( October 16, 2024, 09:57 GMT | Official Statement) -- MLex Summary: The UK’s Financial Conduct Authority has initiated a “competition market study” into premium finance products that allow consumers to pay for home and car insurance in instalments. The annual extra cost of such products ranges from 20 percent to 30 percent, compared with paying the whole amount upfront. As part of its study, the FCA will review whether the products represent fair value, how well customers are made aware of their financing options, the role of commission, and other potential barriers to effective competition in the market. At the same time, the government has announced a taskforce to look at what can be done to bring down the cost of insurance premiums.Statement below....

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