Stop firms fleecing us

THE launch of a probe into the insurance market by the Financial Conduct Authority is not before time.

What should be a respectable business has all the hallmarks of a shady racket.

Britons are thought to pay £4.5billion too much in car and home insurance.

One in 10 households are being overcharged by £1,730 a year. Insurance companies claim you can easily switch to another provider.

This may be so, but some firms are flouting new rules requiring them to set out exactly how much your premiums have changed.

And the industry’s limp defence ignores the fact that many people do not have the internet which helps them access the best deals.

Also, instead of rewarding long-standing customers for loyalty, the greedy companies milk them through stealthy annual increases.

We have seen regulators announce these inquiries before only to issue a toothless report that amounts to a mild slap on the wrist.

The FCA must not just go through the motions. Customers are being ripped off.

A failure to act would rip them off again.