The insurance regulator, the Financial Conduct Authority (FCA), has promised to crack down on so-called "add-on" policies.
It said such policies offer "poor value for money". "Firms must start putting consumers first, and stop seeing them as pound signs," said Christopher Woolard, director of policy at the FCA. The insurance industry rejected the accusations, calling some of them unhelpful. Add-on insurance is where a policy is sold alongside another product. For example, customers buying a mobile phone, or a holiday, are often offered insurance at the same time. Nearly 3,000 consumers have complained about such policies in the past nine months......Read more here