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So the insurance industry raises their prices and then reduces them declaring a "fall" and "savings". This is no different than what Tesco and Sainsburys did a few years ago with its' misleading pricing and advertising, which triggered an investigation by the CMA.

I recently submitted complaints to the CMA, FCA and FOS about the insurance industries tactics. The responses I received were not suprising:

FOS - "Here at the Financial Ombudsman Service we look into complaints about financial businesses, so this doesn’t look like something we can look into. "

FCA - "Firms are able to make a commercial decision about how much to charge for their products and services, so they can calculate their insurance premiums based on their own risk appetite. As we’re not a pricing or economics regulator, this isn’t something that we’re involved with."

And with HMG refusing to step in and hold the insurance industry to account, it is left to the insurance industry to self regulate their prices.

Claims have gone down (confirmed by empirical and "hard" evidence). Costs have gone down (as a consequence of the fixed costs reforms). Yet the cost of insurance has risen and AXA et al are making eye-watering profits, and we are lead to believe that we will all be saving £50 if the ABI gets its' way with further reforms.

We, the people, are being stitched up by the ABI. And there is seemingly nothing we can do about it.

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