Martin Lewis is warning of a “monumental shake-up” across the insurance sector next year which will affect every household and motorist across the UK.
Explaining the change in the latest MoneySavingExpert.com newsletter, the consumer champion wrote: “On 1 January 2022, regulator the Financial Conduct Authority brings in new insurance rules.
They primarily apply to vehicle insurance (car, motorbike, van) and home insurance (buildings and contents), but it's a monumental shake-up - the biggest I remember.” The financial guru said the reason for the change is to end price walking - where customers who renew their insurance policy every year are penalised by seeing their prices put up while new customers get the best deals.
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