Early day motion tabled by primary sponsor Geraint Davies (Labour and Co-operative Party), on Thursday, 29 November 2001, in the House of Commons. It is signed by 137 members in total.

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BUILDINGS INSURANCE FEES

That this House notes with concern the widespread practice whereby mortgage customers are required to pay a minimum of ??25 to switch their buildings insurance to another provider; further notes that consumers are often misled by their mortgage lender's lack of clear, up-front, information about the existence of this fee; recognises that no comparable switching fees exist in similar service industries such as gas, electricity and telecoms; applauds the action taken by insurers who refund this fee to their customers; and recommends that the regulators take action against this anti-competitive and anti-consumer practice to allow mortgage customers to choose the best buildings insurance policy for their circumstances without being deterred by an unjustifiable fee.

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Secondary information

Type

Early day motion

Reference

494 

Session

2001-02

Subjects

Buildings Fees and charges Insurance

Link

View this Early day motion on www.parliament.uk