The Lord Chancellor and Justice Secretary, David Lidington, has unveiled measures to change the way the discount rate – also known as the Ogden rate – is calculated.
The changes would have to be approved by Parliament but if the new system were in force today the rate might be in the region of 0% to 1%.
In February Liz Truss, who was Lord Chancellor at the time, moved the Ogden rate from 2.5% to minus 0.75% effective from March.
The decision led to widespread criticism from the insurance
- RSA boss Egan "not defensive" about broker criticism
- Slow take-up of standardised Toba template was expected, says Biba
- Hiscox report shows cyber attacks are on the up
- UKBA: Wilby says cyber win encourages new business
- FCA data reveals fall in complaints in second half of 2018
- FCA re-examines duty of care as report warns customers at risk of harm
- Experts urge brokers to look over remuneration after FCA warning on GI distribution failings