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Tens of thousands of inaccurate insurance renewal notices have been sent to customers of Admiral.
All insurers have been ordered to include the previous year's premium in renewal notices, under regulations that began in April. But the Financial Conduct Authority (FCA) said Admiral failed to show exactly what customers had paid. The company has apologised and will contact affected customers who can cancel without a penalty if they wish.
Shop around
New regulations, brought in by the FCA, were designed to help insurance customers to shop around and to make the rising or falling price of their insurance clearer. All insurers have had to include the amount paid the previous year in any renewal documents for insurance such as home and motor cover. However, Admiral - one of the largest insurers in the UK and a FTSE 100 company - failed to give accurate information.
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