The FCA has warned insurance firms that they must improve clarity on commissions they pay to intermediaries on insurance products and prove that commissions are not excessive.

Financial mutual LV= has sold the remaining 51% it held in its general insurance business to Allianz Group, it announced today.

The Financial Conduct Authority has confirmed details of its probe into ‘fair pricing’ in financial services alongside a market study into how general insurance firms charge customers.

The FCA has warned it will “take action” against general insurance firms who flout renewal rules.