Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will take legislative steps to (a) increase competition and (b) reduce monopolies in the consumer insurance market.

The Government is committed to ensuring that the insurance industry operates on a fair and competitive basis.

The Financial Conduct Authority (FCA), as the independent regulator, has a primary objective to ensure relevant markets are functioning well and a secondary objective to promote effective competition in the interests of consumers.

The FCA has robust powers to tackle anti-competitive practices, working with the Competition and Markets Authority where required. The Government is confident that both regulators are effective in their oversight of the insurance market.