Consumers 'overpay by £1.2bn a year on car and home insurance'
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In an interim report into the market, the Financial Conduct Authority said competition was not working and that loyal customers were being penalised.It suggests action on automatic renewals and making switching easier. "While a large number of people shop around, many loyal customers are not getting a good deal. We believe this affects around 6 million consumers.
Stop practices that could discourage switching - including restricting the way that firms use automatic renewal
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