Regulator introduces new requirements for renewals invited from 1st April 2017

The FCA's new rules are designed to increase transparency and reduce consumer inertia in relation to insurance renewals. As such these only apply to retail customers (although firms may apply them to commercial clients too if they so wish) and for policies that have a term of 10 -12 months.

The rules will only apply to firms who invite renewal themselves rather than leaving this to the insurer or any other broker in the chain.