Motor Vehicles: Insurance

Treasury written question – answered at on 26 February 2024.

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Photo of Jonathan Edwards Jonathan Edwards Independent, Carmarthen East and Dinefwr

To ask the Chancellor of the Exchequer, whether he has had recent discussions with the Financial Conduct Authority on the cost of motor insurance.

Photo of Bim Afolami Bim Afolami The Economic Secretary to the Treasury

Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including the financial services regulators, on an ongoing basis.

Insurers make commercial decisions about the pricing of insurance based on their assessment on the likelihood and expected cost of a claim. The Government does not intervene in these commercial decisions by insurers as this could damage competition in the market.

The Financial Conduct Authority (FCA) is the independent regulator and responsible for supervising the insurance industry. The FCA have introduced several reforms, including the Consumer Duty rules, to ensure consumers are treated fairly in regard to pricing.

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