A report by the Financial Conduct Authority has found that six million home and motor policyholders in the UK are being overcharged an average of £200 a year by insurance firms.
Commenting on the ‘loyalty penalty, Tom Jones, head of policy at Thompsons Solicitors, said: “The insurance industry will put out their usual ‘yes but’ denials on this story but a clear pattern is emerging of an industry out of control and out of touch. They sell products we all have little option but to buy and today’s story merely adds to a catalogue of contempt for the consumer.
“Whether it is the ethnic penalty we have identified, the mind blowing salaries paid to their chief executives or their bloated profits the insurers appear to believe they are untouchable. It’s about time someone said enough is enough.”
| Feeding fat cats
To help prevent hundreds of thousands of road traffic crash and workplace accident victims from losing their right to legal protection, the #FeedingFatCats campaign is urging the public to take action by lobbying the government or writing to their MP. Click to find out more about the campaign.
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