Menu
17/12/2013
Competition Commission Criticises Motor Insurance Industry
The Competition Commission has made a number of recommended revisions to the motor insurance industry following a year long review at the request of the Office of Fair Trading (OFT).
The commission described premiums as "unnecessarily high" for all drivers due to the complex chain of claims, blaming the cost of courtesy cars and repairs.
The commission added that it found post-accident repairs to be "often shoddy".
The Competition Commission agreed with the OFT that the motor insurance system was "not working well for motorists".
It is understood that the commission is now considering compulsory audits of post-accident repair work.
(MH/CD)
The commission described premiums as "unnecessarily high" for all drivers due to the complex chain of claims, blaming the cost of courtesy cars and repairs.
The commission added that it found post-accident repairs to be "often shoddy".
The Competition Commission agreed with the OFT that the motor insurance system was "not working well for motorists".
It is understood that the commission is now considering compulsory audits of post-accident repair work.
(MH/CD)
Related UK National News Stories
Click here for the latest headlines.
31 May 2012
Motor Insurance Market Referred To Competition Commission
The OFT has provisionally decided to refer the private motor insurance market to the Competition Commission after it found evidence that insurers compete in a dysfunctional way that may push up premiums for drivers by £225 million a year.
Motor Insurance Market Referred To Competition Commission
The OFT has provisionally decided to refer the private motor insurance market to the Competition Commission after it found evidence that insurers compete in a dysfunctional way that may push up premiums for drivers by £225 million a year.
04 October 2012
Call For Young People Driving Overhaul
Radical measures, such as a minimum one year learning period, restrictions on night time driving and lowering the alcohol limit for driving, are now needed to reduce the high crash risk young drivers face and to lower their motor insurance costs according to a report published today by ABI.
Call For Young People Driving Overhaul
Radical measures, such as a minimum one year learning period, restrictions on night time driving and lowering the alcohol limit for driving, are now needed to reduce the high crash risk young drivers face and to lower their motor insurance costs according to a report published today by ABI.
19 August 2011
Sky Pay-TV Films 'Restrict Competition'
The Competition Commission has provisionally ruled that Sky's control over pay-TV movie rights in the UK is restricting competition.
Sky Pay-TV Films 'Restrict Competition'
The Competition Commission has provisionally ruled that Sky's control over pay-TV movie rights in the UK is restricting competition.
20 August 2012
BAA To Sell Stansted Airport
Following a long-running legal battle, airports operator BAA has announced it will sell Stansted Airport. BAA has been fighting a 2009 Competition Commission ruling that it must sell Stansted because of the lack of competition between London airports.
BAA To Sell Stansted Airport
Following a long-running legal battle, airports operator BAA has announced it will sell Stansted Airport. BAA has been fighting a 2009 Competition Commission ruling that it must sell Stansted because of the lack of competition between London airports.
05 September 2012
FSA Call For Clampdown On Sales Commission
A call has been made for a clampdown on commission made from the sale of insurance, loans and bank accounts, the UKs financial watchdog has said. The move comes in the wake of a series of mis-selling scandals such as payment protection insurance (PPI).
FSA Call For Clampdown On Sales Commission
A call has been made for a clampdown on commission made from the sale of insurance, loans and bank accounts, the UKs financial watchdog has said. The move comes in the wake of a series of mis-selling scandals such as payment protection insurance (PPI).
-
Northern Ireland WeatherToday:There will be a mixture of bright intervals and a few showers. Best of the sunny spells will be near the North Coast. Feeling on the cool side. Maximum temperature 10 °C.Tonight:Showers will gradually die out during the evening. A cold night with long clear spells leading to a touch of frost in places. Minimum temperature 0 °C.
