How a mistake can cost you dear
Posted on March 27th 2008
Householders are often told to check that their "paperwork" is correct, but now this advice could be essential.
A clause in the Financial Services Authority (FSA) ICOB sourcebook was removed in January 2008.
Some insurers, especially motor vehicle providers, have started to impose an administrative fee for altering address details after a move, name changes following a marriage or divorce or even for providing duplicate copies of documentation.
Ashton Berkhauer, insurance expert at uSwitch.com, comments: "Consumers need to know where they stand and the easiest way to do this is for the amount providers charge to be consistent across the insurance industry.
"This would make it clearer for consumers and bring transparency to the market. Currently, making an adjustment to your policy can cost you from £0 to £25 and the price for cancelling a policy mid-term can be unlimited."
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