Insurance

The UK financial regulator has confirmed plans for a sweeping overhaul aimed at stopping financial firms mistreating consumers and to ensure, among a raft of other measures, that companies are not able to leave existing customers languishing on poor deals while new ones are offered the best rates.

Ethnic minorities pay more than white people for car insurance, research from Citizens Advice has shown, with the charity arguing that the price differences are a result of an "ethnicity penalty".

MCE Insurance Company, which was one of the UK's biggest motorbike insurers, is to cancel all of its 105,000 remaining policies after falling into administration last year. The moves comes despite the insurer initially promising to honour existing cover.

From the reintroduction of costly European roaming charges to new rules around car and home insurance - here's a quick breakdown of five key events and changes that are set to impact your finances in early 2022 and, more importantly, what to do about them.

Even if your car and home insurance is not up for renewal, everyone should get quotes now as in just a couple of days new rules may mean costs will spike.

MCE Insurance Company, one of the UK's biggest motorbike insurers, has fallen into administration. The collapse affects around 105,000 policyholders but MoneySavingExpert.com can confirm that customers will continue to be covered until the end of their policy and claims will still be paid. 

Motorists may be able to save on their insurance by using a new app that rewards good driving with discounts on car insurance premiums. The 'DriveScore' app, built by credit reference agency ClearScore, can offer double-digit discounts to those who drive carefully. Here's what you need to know. 

On 1 January 2022, regulator the Financial Conduct Authority (FCA) brings in new insurance rules. They primarily apply to vehicle insurance (car, motorbike, van) and home insurance (buildings & contents), but it's a monumental shake-up - the biggest I remember.

MoneySavingExpert.com founder Martin Lewis says groundbreaking changes to the way insurers charge new and existing customers are soon to be introduced, which will put an end to the 'loyalty premium' shouldered by consumers. 

About 350,000 Halifax, Lloyds and Bank of Scotland home insurance customers who had a policy between 2009 and 2017 have been paid an average of £38 each in compensation, after the Financial Conduct Authority (FCA) found they were sent misleading renewal letters. Lloyds Banking Group (LBG), which owns all three brands, has also been fined £90 million for breaching FCA rules – we've full details below.