New FCA (Financial Conduct Authority) regulations coming into effect tomorrow will seek to remove the loyalty penalty many have suffered. This situation was prevalent in motor and household insurance.
Insurance brokers are also regulated by the Financial Conduct Authority and have a duty to test the market as well as give advice on cost, cover, and other aspects of the contract. In regulatory speak this is known as an ‘Advised Sale’.
Price comparison sites, as their name suggests, concentrate on price which is only one aspect of it. A ‘bucket shop’ approach could mean you pay for cover that you don’t require or in the event of a claim you don’t receive the settlement you anticipate or need.
Transparency on pricing is always to be applauded. If you want all round advice work with a reputable insurance broker.
Here at MRSL Enterprise, we are always happy to explain and justify our advice.