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Do your renewal notices reflect the Financial Conduct Authority rules on renewal transparency and engagement?

Find out more about the FCA guidelines on renewal transparency and engagement, making sure they’re reflected in your renewal notices.

The rules were introduced on 1 April 2017, to make renewals more transparent and engaging for customers as well as promote effective competition. These rules apply to general insurance renewals of 10 months or more, aiming to improve customer interaction and promote competition.

Here's a quick refresher

  • Customers must be provided with the previous year’s insurance premium alongside the price of the current renewal premium, in such a way as they can be easily compared.
  • Businesses are expected to consider the FCA’s original consumer trials, which showed that disclosure is most effective when on the front page of the renewal notice.
  • Customers must be reminded to check the level of cover offered by the renewal is appropriate for their needs.
  • For customers who have been insured for a period of 4 years or more with the same provider (i.e. broker / intermediary), the message below must also be included “You have been with us a number of years. You may be able to get the insurance cover you want at a better price if you shop around.” 
If you'd like more details, you can find the information you need right here.
More information can also be found on the FCA website. 
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