Industry welcomes OFT motor market decision
The Office of Fair Trading’s (OFT) decision to refer the private motor insurance market to the Competition Commission has been welcomed by firms across the industry.
The watchdog announced in May 2012 that it had provisionally decided to refer the market to the commission, and has today confirmed that the market will be investigated over concerns that it may ‘prevent, restrict or distort' competition.
Nick Starling, director of general insurance at the Association of British Insurers (ABI), said the OFT had found out “what insurers have known for years”, namely that providers have little control over the costs of claims made on behalf of at-fault drivers.
He
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