Motor Insurance
The question
To ask the Chancellor of the Exchequer, if she will hold discussions with the Financial Conduct Authority on the comparative costs of car insurance in (a) Northern Ireland and (b) Great Britain.
Answered by Tulip Siddiq
Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors on an ongoing basis.
The Government is determined that insurers should treat all customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules.
The FCA is an independent body responsible for regulating and supervising the financial services industry across the United Kingdom and has robust powers to act against firms that fail to comply with its rules. The FCA monitors firms to make sure they provide products that are fair value, and, where necessary, it will take action.
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