Motor Vehicles: Insurance
The question
To ask the Chancellor of the Exchequer, what recent discussions she has had with the Financial Conduct Authority on the regulation of online platforms hosting unauthorised motor insurance brokers.
Answered by Rachel Blake
HM Treasury has regular engagement with the Financial Conduct Authority (FCA) on a wide range of financial services issues.
The FCA is the independent body responsible for regulating and supervising the financial services industry and has robust powers to deal with those that do not comply with its rules. The FCA is working to raise awareness of online insurance scams, including recently issuing a warning to consumers about the risks of fake insurance policies sold via social media. Consumers can check if firms are legitimate through the FCA’s Firm Checker.
The government is also taking action more widely to tackle fraud on online platforms. The Online Safety Act places duties on the largest social media platforms to tackle fraudulent advertising, and the government’s Fraud Strategy sets out the steps the government is taking to ensure bad actors can be identified, disrupted and, where appropriate, prosecuted.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →