Watch out for year 2 insurance hikes!

mikey72

dacouch wrote: »

Ahhh Mikey is back to shake things up.

Good holiday I hope

Yes thanks.

(And, as you would expect, back without the need to have paid for cancellation, travel, medical, cdw, or other insurances I don't even know exist)

But an excellent holiday with the money spent on important things. (Like beer)

But I wouldn't advise others to take the same view, just to shop around before buying.

dunstonh

Are you seriously suggesting that systematic behaviour as detailed in the OP is not at odds with the FSA ethics position?

Despite it being an undesirable model, they dont appear to have broken any of those things.

vaio

dunstonh wrote: »

Despite it being an undesirable model, they dont appear to have broken any of those things.

No disrespect but I disagree to the point of :rotfl::rotfl:and if I was the OP would certainly see if I could get the FOS/FSA to rule on it

dunstonh

vaio wrote: »

No disrespect but I disagree to the point of :rotfl::rotfl:and if I was the OP would certainly see if I could get the FOS/FSA to rule on it

The FSA do not consider consumer complaints. The FOS cannot rule on commercial issues. Complaining when no rule breach has occurred is not going to help the situation. He has to let the right people know he doesnt like the model and why and what alternative model he feels is better. If the OP doesnt like it then he should write to the FSA (but not on an individual complaint basis or they will just forward it to the firm to look at) or the Financial Services consumer panel or his MP.

vaio

Nope, but the FSA will (or certainly should) consider consumer complaints that indicate systematic unethical behaviour

Similarly, whilst the FOS wouldn't get involved in the original £800 quote the fact that it was halved when queried indicates to me unfair/unethical treatment which they will get involved in.

Either way, the OP has nothing to lose by complaining and letting the FSA/FOS decide whether it is of interest to them

Shenanigan

Well said @ dunstonh.

Stuff like this needs to be a sticky thread, along with "my house was burgled but I didn't claim, why is this being recorded as a loss?"

Last year Natwest would have quoted you around £800 then dropped their price to £25/£35 below your renewal to get you hooked in. Then this year the price goes back up to around £800. How can anyone be confused or angry about what is happening here?

Infact, maybe you should complain that they dropped their price by over £600 for you last year in an instant too!!!!!

vaio

think you have missed my point, cutting to attract new customers is fine, quoting ridiculous renewals also fine, what seems (to me) unfair/unethical is then a system that does that but then halves the cost for those who query it

Do you really think that sits well with the FSA ethics policy which includes things like

....Financial services is an important industry, affecting the lives of most people. The industry does not need to simply provide the necessary expertise, but to do so with an integrity that fully responds to modern society's expectations and engenders mutual trust.

Open, honest, responsive and accountable
Committed to acting competently, responsibly and reliably
Relating to colleagues and customers fairly and with respect....

Shenanigan

I don't agree with the distinction you're drawing.

In year one, OP could have gone online and bought a policy for £800 but he went in to branch or called, they quoted £800 but then dropped to £150.

No complaint was lodged.

In year two they offered a new policy term for £800, the OP called and they revised this price. This time he wants to lodge a complaint.

Where is the difference?

Don't mention 'auto renewal at the inflated price' as that can be turned off from the start of the policy.

If this was really abut ethics, why wasn't this an issue from the start?

mikey72

Shenanigan wrote: »

...........
In year one, OP...........went in to branch or called, they quoted £800 but then dropped to £150

Where did the op say it was £800 initially quoted in year 1?

Shenanigan

mikey72 wrote: »

Where did the op say it was £800 initially quoted in year 1?

He didn't but the NW GTB offer basically means that in year two, your renewal will go back up to the figure you were originally quoted in the first year.