Money news: page 55
- January 2022
Regulation of Buy-Now Pay-Later consultation closes
HM Treasury's consultation on regulating buy now pay later closed on 6 January 2022, part of a process that began with the Woolard Review and is expected to lead to secondary legislation in mid-2023.
AXA UK simplifies pricing so renewal quotes match new quotes
AXA UK has simplified its pricing so that new quotes and renewal quotes for car and home cover are the same, based on individual circumstances, from 1 January 2022.
Compensation window for prepayment meter installations
Energy suppliers may owe compensation to households that had a prepayment meter installed, or were moved onto prepayment remotely, between 1 January 2022 and 31 January 2023.
FCA bans car and home insurance loyalty penalty
The Financial Conduct Authority's ban on the car and home insurance loyalty penalty took effect on 1 January 2022, ending price walking and changing how renewals are priced.
FCA General Insurance Pricing Rules come into force
The Financial Conduct Authority's general insurance pricing rules took effect on 1 January 2022, requiring insurers to charge new and existing home and motor customers the same price.
ICOBS 6A.6 rules on cancellation of automatic renewal took effect
Rules requiring general insurers to let consumers cancel the automatic renewal feature of their policies by the same methods used to buy them, free of charge, took effect on 1 January 2022.