OFT clamps down on insurers accessing pricing information
Seven insurance companies and two IT software and service providers have provisionally agreed to limit the data that they exchange after the Office of Fair Trading (OFT) raised competition law concerns.
Insurers Ageas Insurance (formally Fortis Insurance), Aviva, Axa Insurance UK, LV, RBS Insurance Group, RSA and Zurich Insurance, and the IT software and service providers Experian and SSP have all offered formal commitments to the OFT.
This follows an OFT investigation which identified an increased risk of price coordination among motor insurers using a specialist market analysis tool by Experian called Whatif? Private Motor.
The OFT said it limited the scope of its investigation to a small
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