The concept of loyalty has been under severe strain this week.
Dominic Cummings' excoriating denunciation of the mendacity and
ineptitude of the Prime Minister and Health Secretary has been a
seminal example of the evaporation of loyalty in a former
colleague. It must have all been dreadfully upsetting for Messrs
Johnson and Hancock, although hysterically funny for the rest of
us. Like Oscar Wilde greeting the news of the death of Little Nel,
one needed a heart of stone to read Mr Cumming's evidence to
the Health Select Committee without laughing.
And so respect is due to the Financial Conduct Authority for
restoring some value to the notion of loyalty. They've
announced measures that will mean that loyalty no longer comes at
price when renewing your home or car insurance. The problem has
been the practice of "price walking", whereby customers
who renew their insurance are offered less favourable prices than
new customers. This is fine if you have the time and
