Insurance Industry Regulation

Part of Treasury – in the House of Commons at on 1 February 2022.

Alert me about debates like this

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The FCA has been looking at this matter, and last week my colleague the Secretary of State for Levelling Up, Housing and Communities wrote to the FCA to ask it to look at whether there is a market failure. Since then, it has written back, with the Competition and Markets Authority, to say that they are engaging with the industry and will produce a statement on the matter in due course. I recognise the concerns that the hon. Member has raised and the dysfunctionality that may exist in the market, and it is important that that is looked at carefully.