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Insurers could face fines for £4bn dual pricing “rip off” | Insurance Age

The government is set to give the Competition & Markets Authority power to bypass the courts and fine firms that exploit loyalty.

The government is consulting on measures to tackle the loyalty penalty and combat dual pricing which could see companies fined by the Competition & Markets Authority (CMA) if they are found to be breaking the rules.

The proposals would enable the CMA to issue fines without going through the courts – something it is currently required to do.

In a letter to the CMA, Business Secretary Greg Clark reiterated that the loyalty penalty amounted to £4bn across five sectors each year.

Fair?
He commented: “We are committed to ensuring consumers are not unfairly targeted and penalised for their loyalty and that they can access quality products and services for a price that is competitive and fair.”

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Insurers could face fines for £4bn dual pricing “rip off” – Insurance Age.

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