Context
Direct Line Group has agreed a voluntary requirement having charged some existing home and motor customers more for their renewal than they would have done if they were a new customer.
Key points to note
This is the first time a formal voluntary requirement has been agreed with a firm in relation to the FCA’s motor and home insurance pricing rules.
- Direct Line Group will carry out a review to identify all instances where a customer has been overcharged and provide appropriate redress.
- Customers do not need to do anything themselves at this stage. Direct Line Group will be contacting affected customers directly.
The FCA’s pricing rules can be found here
Next actions
None – for information and awareness.