Which? demands ban on brokers charging high motor APRs
Which? has named and shamed motor insurance brokers charging high interest rates on monthly policies and called for a ban on the practice.
Consumer group Which? has today (14 October) called on the government to ban motor insurance brokers from charging high annual percentage rates on motor insurance policies paid for monthly.
The call comes after Which? identified several providers and brokers charging APRs in excess of 30% in a mystery-shopping exercise carried out in August.
City Insurance was found to be charging 53% APR, although the provider subsequently said it was reducing its rate to approximately 36%.
The Prime Minister has
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