Signage is seen for the FCA (Financial Conduct Authority), the UK’s financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS
Feb 3 (Reuters) – Britain’s financial watchdog said on Tuesday that consumers who pay monthly for their insurance are saving around 157 million pounds ($214.93 million) per year, after more than half the insurance firms reviewed in its market study reduced their premium finance costs.
The Financial Conduct Authority also confirmed it would not introduce a price cap or mandate interest-free premium finance, warning that could restrict access to cover for customers who can only afford monthly payments.
Reporting by DhanushVignesh Babu in Bengaluru; Editing by Nivedita Bhattacharjee
