UK watchdog to clamp down on insurance 'loyalty penalties'

LONDON (Reuters) - Britain's Financial Conduct Authority said on Tuesday it was finalising "remedies" to stop home and car insurance companies penalising loyal customers.The watchdog said the "loyalty penalty" cost longstanding customers an extra 1.2 billion pounds in 2018.More than four in five adults in Britain have one or more insurance products, and consumers who stay with their existing insurer at renewal almost always pay higher premiums than those who switch or negotiate, the FCA said in..