The Treasury Committee has published a series of letters between the Chairman of the Committee, Andrew Tyrie MP, the Chief Executive of the Financial Conduct Authority, Martin Wheatley, and the Director General of the ABI, Otto Thoresen.
The letters discuss reports of existing insurance customers being charged higher premiums than new customers and what, if any, action is being taken. These letters were published:
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Letter from Andrew Tyrie MP to Otto Thoresen, Director General, ABI, 20 March 2013
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Letter from Andrew Tyrie MP to Martin Wheatley, Chief Executive of the FCA, 20 March 2013
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Letter from Martin Wheatley, Chief Executive of the FCA, 28 March 2013 ( PDF 66 KB)
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Letter from Otto Thoresen, Director General, ABI, 3 April 2013
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Letter from Otto Thoresen, Director General, ABI, 22 April 2013
Commenting on the publication of the letters, the Chairman of the Treasury Select Committee, Andrew Tyrie MP, said: "The previous regulatory regime failed to protect consumers. It must do better this time around. Competition can help. After a good deal of pressure from the Treasury Committee, the FCA has been given a competition duty. It can do a lot to help consumers, especially vulnerable consumers. If people are given a more meaningful choice, they are less likely to be ripped off."
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