What must an insurer do at renewal to comply with Financial Conduct Authority [FCA] rules?

To comply with Financial Conduct Authority (FCA) rules at the time of renewal, an insurer must ensure that they provide information in good time. This requirement emphasizes the need for insurers to communicate effectively with policyholders regarding renewal details, ensuring they have sufficient time to consider their options. The phrase "in good time" allows some flexibility and is designed to ensure that the insurer is not excessively regimented in providing a specific number of days. Instead, it focuses on the overall principle that policyholders should have a reasonable opportunity to be informed about their policy renewal and have the opportunity to make informed decisions.

This approach fosters transparency and fairness in the insurance market, which aligns with the FCA's objectives to protect consumers and enhance their financial well-being. It also encourages positive customer engagement by giving policyholders the information they need when they need it, without imposing unnecessarily rigid guidelines.