You are here: Home - Insurance - News -

Aviva sent insurance renewal notices which failed to meet standards

0
Written by: Paloma Kubiak
15/11/2018
Aviva home and motor insurance customers are to receive amended renewal notices after a review found they didn’t meet rules on transparent pricing as set out by the financial regulator.

As of 1 April 2017, general insurers must clearly display last year’s premium in renewal notices as well as the proposed premium for the year ahead.

This is so customers can see exactly what they paid and encourages them to shop around for the best insurance cover and price.

But a sample review by regulator, the Financial Conduct Authority, to see how firms were implementing the new rule revealed that Aviva’s notices weren’t up to scratch.

Aviva failed to prominently display last year’s premium and its messaging encouraging customers to shop around should have been clearer.

As a result, the insurer is writing to affected customers to provide them with the information in the correct format. However, it is not disclosing how many customers have been affected.

While premiums provided were correct, if customers feel their decision to renew would have been different based on receiving the full information, Aviva said they should contact it to discuss the matter.

A spokesperson added: “Following a review, we are aware that we have not interpreted all the renewal transparency rules in the way they were intended for some customers. We have amended our processes to ensure they meet the requirements going forward.

“Although premiums provided to customers were correct, we are contacting any customers who may have been impacted to apologise and provide the required information again in the correct format. We are committed to transparency around our pricing and giving our customers clear information, so they can make the right choice for their insurance cover.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week