Car insurance firm market probe

The Office of Fair Trading (OFT) is to refer the private motor insurance market to the Competition Commission for practices that, it claims, drive up the cost of premiums.

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Motor insurance market to be referred to Competition Commission

The Office of Fair Trading (OFT) is to refer the private motor insurance market to the Competition Commission for practices that, it claims, drive up the cost of premiums. A statement on the OFT website says:

The OFT has reasonable grounds to suspect that there are features of the private motor insurance market that prevent, restrict or distort competition.

This is an inefficient way for the sector to operate, raising the total costs for providing private motor insurance which drivers end up paying.

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