Insurer 'made money from my loyalty'
Loyalty came at a cost for Nick Munday - a cost that can be calculated at £1,250 a year.The 61-year-old had been a home and contents insurance customer with the same provider for 20 years, and was eventually paying £2,000 a year.One phone call querying the cost reduced the annual premium to £750.Now the UK's competition watchdog has said millions of unsuspecting customers were being exploited by bad practices by firms.It has responded to a so-called super complaint from Citizens Advice which argues that loyal customers are being "ripped off" for mobile, broadband, savings, home insurance and mortgage deals.Findings by the Competition and Markets Authority (CMA) included year-on-year "stealth price rises", costly...
