OFT competition decision on motor market divides opinion
The news that the Office of Fair Trading (OFT) is considering referring the private motor insurance market to the Competition Commission has been met with a range of different reactions.
The Association of British Insurers (ABI) welcomed the news on behalf of insurers, with director of general insurance Nick Starling commenting: “We had called for this. For too long insurers have faced inflated rates for credit hire cars and excessive hire periods which have led to higher insurance premiums for customers.
“Regulation of all players in the market to tackle excessive costs is needed, and we hope that the work by the Competition Commission will bring much needed reforms that in
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