COMMONS

TSC publishes letters on insurance premiums

06 July 2013

The Treasury Committee has today published a series of letters between the Chairman of the Committee, Andrew Tyrie MP, the Chief Executive of the Financial Conduct Authority, Martin Wheatley, and the Director General of the ABI, Otto Thoresen.

The letters discuss reports of existing insurance customers being charged higher premiums than new customers and what, if any, action is being taken.

Commenting on the publication of the letters, the Chairman of the Treasury Select Committee, Andrew Tyrie MP, said:

The previous regulatory regime failed to protect consumers. It must do better this time around.

Competition can help. After a good deal of pressure from the Treasury Committee, the FCA has been given a competition duty. It can do a lot to help consumers, especially vulnerable consumers. If people are given a more meaningful choice, they are less likely to be ripped off.

The Committee will scrutinise closely the information gathered by the FCA.

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