Up for review?

Almost two years ago the Financial Ombudsman Service (FOS) raised the question of how the Unfair Terms in Consumer Contracts Regulations (UTCCRs) 1999 apply to reviewable rate insurance products. The UTCCRs ensure that consumers are protected against unfair terms in contracts, in particular, where there is an imbalance in power and one party has the power to alter the contract, potentially to the detriment of the other. As rates on a reviewable policy can be changed by the provider without the express permission of the policyholder, it was especially important to ensure that these contr...