Why the FCA fair price ruling will drive product innovation and benefit consumers

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The FCA consultation on fairness in pricing is closed. The industry now knows when they must have new controls, systems, and rules in place by September, and be ready to go live with new price and auto-renewal processes at the end of the year.

So, insurers are now firmly on course to ensure pricing for new and existing customers must be the same, ending a pricing partition that has persisted for years.

This blog highlights how the challenges created by the FCA ruling should lead many general insurers to accelerate how they innovate with new products and services that offer greater value to all their customers.