Fitch hails OFT decision to refer motor market to Competition Commission
Fitch Ratings has welcomed the Office of Fair Trading’s (OFT) provisional decision to refer the private motor insurance market to the Competition Commission.
The ratings agency said the move would broaden the push to limit practises “that help insurers boost revenue, but which are negative for the industry as a whole because they also significantly increase costs”.
Fitch stated that the trend of premiums rising due to insurers making referrals to and earning rebates from vehicle repair and hire companies was similar to the trend of personal injury claims increasing costs.
In a statement the company said: “Once one insurer starts making referrals it
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