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Written question asked by Allan Dorans (Scottish National Party) on Monday, 22 January 2024, in the House of Commons. It was due for an answer on Wednesday, 24 January 2024. It was answered by Bim Afolami (Conservative) on Tuesday, 30 January 2024 on behalf of the Treasury.

Motor Insurance: Fees and Charges

Question

To ask the Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on the regulation of car insurance premiums.

Answer

Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including the financial services regulators, on an ongoing basis.

Insurers make commercial decisions about the pricing of insurance based on their assessment on the likelihood and expected cost of a claim. The Government does not intervene in these commercial decisions by insurers as this could damage competition in the market.

The Financial Conduct Authority (FCA) is the independent regulator and responsible for supervising the insurance industry. The FCA have introduced several reforms, including the Consumer Duty rules, to ensure consumers are treated fairly in regard to pricing.

Secondary information

Type
Written question
Reference
10912
Session
2023-24
Transferred
Yes
Subjects
Fees and charges Regulation Motor insurance
Link
View this Written question on www.parliament.uk