UK brokers, insurers and comparison websites have been warned to provide clear information to retail customers on the cost of payment options for home and car insurance.

The Financial Conduct Authority says consumers buying online should be able to see exactly what they are paying for and the cost, whether they pay upfront or in instalments.

A review of 13 insurers and 30 intermediaries, including four comparison sites, found information is not always clear or easily understandable.

Consumers may not realise there is a price difference between paying upfront or by instalment.

In some cases it was not clear a fee would be charged.