Insurance: Competition and Monopolies

Treasury written question – answered at on 11 October 2024.

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Photo of Mark Pritchard Mark Pritchard Conservative, The Wrekin

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.

Photo of Tulip Siddiq Tulip Siddiq The Economic Secretary to the Treasury

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.

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