Halifax policyholders have been missing out on discounts in their premiums after the bank failed to apply a new pricing system for customers.
According to weekend newspaper reports, the Halifax changed the way it calculated its premiums last year to account for improved flood risk data and local crime figures, but failed to inform its policyholders of its lower prices.
One report claimed that some policyholders missed out on discounts, unless they specifically asked for them.
One policyholder told the Sunday Telegraph that the Halifax advised by letter that his household policy would increase by 67% next year. However, when he asked for a discount the new pricing system was applied, he said.
A Halifax spokesman said: "We collect a lot more information for the new policies, so some people get lower premiums. When we send out renewal letters, we do tell people to ask us. Not everyone does."
