‘Short-changed’ motorists getting £200m claims payments boost – FCA
The Financial Conduct Authority has estimated 270,000 motorists will get £200m in compensation for historic insurance claims that were underpaid.
The watchdog calculated that of this £129m has already been paid to almost 150,000 customers after it took aim at insurers breaching rules on handling claims fairly.
The issues surrounded customers being “short-changed” on stolen or written off vehicle claims.
We’ll step in when consumers aren’t getting fair value – and we are pleased to see that the practices which led to some unfair payouts have already changed.
In December 2022, the FCA warned insurers not to undervalue cars and other insured
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