Car insurance firm market probe
The Office of Fair Trading (OFT) is to refer the private motor insurance market to the Competition Commission for practices that, it claims, drive up the cost of premiums.
The Office of Fair Trading (OFT) is to refer the private motor insurance market to the Competition Commission for practices that, it claims, drive up the cost of premiums.
Donna Scully, Chairman of the Motor Accident Solicitors’ Society (MASS), had this reaction to today's findings about the motor insurance industry:
Money is clearly being made from consumers behind their backs and MASS would welcome full disclosure of specific fee income on every case so that the consumer is fully informed. It is no wonder the whole sector has fallen into disrepute and that consumers are so wary of everyone who operates in it, and frustrated by exploitative practices they are likely to encounter when they make a claim.
A road crash can have big financial impact - but new evidence suggests the insurance firms meant to protect us, are adding to the costs.
"Dysfunctional" practices in the motor insurance industry are pushing up premiums by £225 million a year, despite attempts to blame drivers