Direct debit option increases insurance payments, FCA finds

Consumers are not told the higher cost of paying by instalments, the Financial Conduct Authority says, with some being charged interest of up to 75%Consumers who pay for car or home insurance in monthly instalments are charged interest as high as 75%, according to the Financial Conduct Authority in a highly critical report on the £18bn-a-year industry.Related: Want help with treatment costs? Get a health cash plan It’s important people can see how much it costs so they can decide whether