FCA obligate firms to provide an online cancellation of auto renewal of an insurance policy.
condoghost
Posts: 91 Forumite
MoneySavingExpert Campaign FCA obligate firms to provide an online cancellation of auto renewal of an insurance policy.
We can somewhat easily compare insurance online - building, contents, car and so forth.
We can somewhat easily select and purchase a policy online.
However, we have no online option to opt-out of auto-renewal at the time of opening the policy, and the vast majority of policies do not provide an online option for us to decline auto-renewal when we are notified it is time to renew.
We are forced down a path of additional unnecessary expense - time, effort and money - calling the company to cancel auto renewal or writing to the company to cancel auto-renewal. We are not provided with an online option to cancel auto renewal.
Steve White Chief Executive British Insurance Brokers' Association 11 May 2018 "Whilst auto-renewal is a convenient and helpful tool for some customers, clearly it should not be harder to cancel a policy than to incept one. This is a problem that needs to be addressed by both brokers and insurers. I will pass this matter to our Insurance Brokers' Standards Committee and ask them to build up some guidance for our member brokers. Thank you very much for bringing this matter to my attention."
Huw Evans Director General Association of British Insurers (ABI) 6 June 2018 "I will include your concerns as part of the customer feedback we regularly share with our industry executives. As you are aware there is no FCA obligation on firms to provide an online cancellation for a policy with an automatic renewal. I suggest you also write to the FCA to raise your concerns with them and I will flag this to member firms as well."
I am requesting a MoneySavingExpert Campaign for the FCA to obligate firms to provide an online cancellation of auto renewal of an insurance policy - for us to no longer be faced with the inconvenience and additional cost of having to telephone or write to the company to cancel auto.
It should not be costing us more time, effort and money to cancel a policy than it did to open it in the first place.
MONEYSAVINGEXPERT - PLEASE TAKE UP THE BANNER AND FIGHT THIS ON OUR BEHALF:A
Provide us a link and we will sign a MoneySavingExpert Petition to get this sorted once and for all.
Thank-you!
:money::A
We can somewhat easily compare insurance online - building, contents, car and so forth.
We can somewhat easily select and purchase a policy online.
However, we have no online option to opt-out of auto-renewal at the time of opening the policy, and the vast majority of policies do not provide an online option for us to decline auto-renewal when we are notified it is time to renew.
We are forced down a path of additional unnecessary expense - time, effort and money - calling the company to cancel auto renewal or writing to the company to cancel auto-renewal. We are not provided with an online option to cancel auto renewal.
Steve White Chief Executive British Insurance Brokers' Association 11 May 2018 "Whilst auto-renewal is a convenient and helpful tool for some customers, clearly it should not be harder to cancel a policy than to incept one. This is a problem that needs to be addressed by both brokers and insurers. I will pass this matter to our Insurance Brokers' Standards Committee and ask them to build up some guidance for our member brokers. Thank you very much for bringing this matter to my attention."
Huw Evans Director General Association of British Insurers (ABI) 6 June 2018 "I will include your concerns as part of the customer feedback we regularly share with our industry executives. As you are aware there is no FCA obligation on firms to provide an online cancellation for a policy with an automatic renewal. I suggest you also write to the FCA to raise your concerns with them and I will flag this to member firms as well."
I am requesting a MoneySavingExpert Campaign for the FCA to obligate firms to provide an online cancellation of auto renewal of an insurance policy - for us to no longer be faced with the inconvenience and additional cost of having to telephone or write to the company to cancel auto.
It should not be costing us more time, effort and money to cancel a policy than it did to open it in the first place.
MONEYSAVINGEXPERT - PLEASE TAKE UP THE BANNER AND FIGHT THIS ON OUR BEHALF:A
Provide us a link and we will sign a MoneySavingExpert Petition to get this sorted once and for all.
Thank-you!
:money::A
0
Comments
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It was my understanding that you could request a non-auto renewal when you purchase a product over the phone. The FCA doesn't take kindly to any obstacle placed before someone who wishes to cancel but I wouldn't consider a phone call an obstacle.0
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Max_Moaner wrote: »It was my understanding that you could request a non-auto renewal when you purchase a product over the phone. The FCA doesn't take kindly to any obstacle placed before someone who wishes to cancel but I wouldn't consider a phone call an obstacle.
It is for me as I'm as deaf as a post. If I take out insurance online I would like there to be an online option to cancel autorenewal.0 -
It is for me as I'm as deaf as a post. If I take out insurance online I would like there to be an online option to cancel autorenewal.
Frankly this should be the case for everything.
If they're happy to take your money by a certain method, they should be happy to let you cancel by it too.0 -
I am not a lawyer but I believe that GDPR brought in the need to be clearer about auto renewal. No longer possible to bury it in the contract they must be up front about it and notify you in advance and give you the option to opt out. That might not be until come renewal time, but when they contact you there should be the opportunity to opt out.
However I wont use people that dont give me an opt out so they never see my business.0 -
A phone call is an obstacle for those who purchased the product online and do not have an option to cancel auto renewal online. It's an extra cost especially for those on pension guaranteed credit looking to manage their monies month to month.Max_Moaner wrote: »It was my understanding that you could request a non-auto renewal when you purchase a product over the phone. The FCA doesn't take kindly to any obstacle placed before someone who wishes to cancel but I wouldn't consider a phone call an obstacle.0 -
They do not give us an option to opt out - cancel that specific auto renewal - online. The opt out offered is by phone or in writing regardless the fact we purchased online.I am not a lawyer but I believe that GDPR brought in the need to be clearer about auto renewal. No longer possible to bury it in the contract they must be up front about it and notify you in advance and give you the option to opt out. That might not be until come renewal time, but when they contact you there should be the opportunity to opt out.0
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