Motor Vehicles: Insurance

Treasury written question – answered on 7th October 2019.

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Photo of Jonathan Lord Jonathan Lord Conservative, Woking

To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the cost to consumers of private motor insurance auto-renewals.

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

The FCA has published this month its interim report into General Insurance Pricing Practices. Consumers should always be able to get a fair deal and it is vital that the FCA comes to a solution that will achieve this important outcome as quickly as possible.

It is for regulators to determine the powers they use to address problems in the markets they regulate. If needed, the Government has committed to legislate to give regulators new powers to stop loyal customers being taken advantage of.

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