Direct Line has confirmed it will pay customers roughly £30 million in compensation. It said the payout would be given to customers who were overcharged when they renewed their motor or home insurance.
The insurer said it would be reviewing its past policies after admitting to an "error" in implementing the Financial Conduct Authority's (FCA) new pricing rules.
Some insurance customers were charged more for their renewal than they otherwise would have been if they became new customers with the newer pricing rules, the FCA said.
It comes after the insurer appointed a new CEO, Adam Winslow, earlier this week following a dramatic drop in profits in 2022. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features Direct Line reported in March that its operating profit dropped by a 95 per cent last year, citing inflation's effect on the cost of motor repairs.
Read more on manchestereveningnews.co.uk
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