September 28, 2018 / 8:15 AM / 2 months ago

UK markets watchdog to probe car and home insurance charges

LONDON, Sept 28 (Reuters) - Britain’s markets watchdog is launching a study into how insurers charge for home and motor coverage amid concerns that costs are sometimes higher for long-standing customers than new ones.

The Financial Conduct Authority (FCA) said on Friday the terms of reference for the market study would be published in a few weeks’ time.

“The general insurance market study we have announced today will help us examine the issues we have already identified in the market in more detail,” FCA Chief Executive Andrew Bailey said, referring to concerns about the treatment of long-standing customers.

The watchdog has powers to change how markets operate in order to increase competition and ensure customers are treated properly. Past market studies have also led to enforcement action. (Reporting by Huw Jones; Editing by Mark Potter)

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