Friday, September 16, 2011

Office of Fair Trading to Begin Fact Finding Probe into UK Insurers


The UK Office of Fair Trading has launched a preliminary investigation – known as a call for evidence – into the nation’s insurance companies after car insurance premiums rose 40% over the last twelve months.

The consumer watchdog is probing whether there is genuine competition between the major insurers – and if there is, why it isn’t offering adequate protection for consumers against massive rate rises.

In the past, the industry has been blaming fraud, the so-called “compensation culture” (which must share a room with the “nanny state” and the “me generation” at the Hoary Old Cliché Hotel) and the activities of accident management companies like RTR.

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