"Insurance companies will finally be banned from penalising loyal customers with higher renewal costs, the financial watchdog announced today.
The Financial Conduct Authority (FCA) said it is cracking down on unscrupulous firms to end the practice where existing customers are offered quotes that are higher than new ones.
Regulators found last year that millions of customers were being unfairly charged higher prices, including an extra £1.2 billion in 2018 alone.
Insurers will be required to offer renewing customers a price that is no higher than they would pay as a new customer."
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