The Financial Conduct Authority also confirmed it would not introduce a price cap or mandate interest-free premium finance, warning that could restrict access to cover for customers who can only afford monthly payments
International News via Reuters:
Britain’s financial watchdog said on Tuesday that consumers who pay monthly for their insurance are saving around 157 million pounds ($214.93 million) per year, after more than half the insurance firms reviewed in its market study reduced their premium finance costs.
The Financial Conduct Authority also confirmed it would not introduce a price cap or mandate interest-free premium finance, warning that could restrict access to cover for customers who can only afford monthly payments.
($1 = 0.7305 pounds)
Reporting by DhanushVignesh Babu in Bengaluru; Editing by Nivedita Bhattacharjee
