(Bloomberg) — The U.K.'s financial regulator said insurancecompanies are not always providing clear information to consumersabout whether it is cheaper to pay for coverage upfront or ininstallments.
|The Financial Conduct Authority said the industry should takeaction when required after reviewing 13 insurers and 30intermediaries. It found a number of cases where insurers andbrokers didn't provide the interest rate, fees and charges, or thetotal amount payable for policies.
|Linda Woodall, acting director of supervision, said the FCA isfollowing up with individual companies where it found specificexamples of failings or poor practice.
|"Regardless of whether people choose to pay upfront or ininstallments, it's important that they can see exactly what theyare signing up for," she said in a statement on Monday.
|The FCA studied online sales of home and car insurance andtraced the path followed by customers up to the point where theywere required to input payment details.
|It didn't name any of the insurers it reviewed.
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