Motor Insurance: Fees and Charges

(asked on 12th September 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will hold discussions with the Financial Conduct Authority on trends in the level of insurance premium increases for people involved in a motor insurance claim.


Answered by
Tulip Siddiq Portrait
Tulip Siddiq
Economic Secretary (HM Treasury)
This question was answered on 7th October 2024

Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors on an ongoing basis.

The Government is determined that insurers should treat all customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules.

The FCA is an independent body responsible for regulating and supervising the financial services industry across the United Kingdom and has robust powers to act against firms that fail to comply with its rules. The FCA monitors firms to make sure they provide products that are fair value, and, where necessary, it will take action.

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