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Motor Insurers referred to Competition Commission by OFT

28 September 2012

The Office of Fair Trading (OFT) has today announced that they have referred the private motor insurance industry to the Competition Commission (CC). The OFT continue to be of the view that the market has features which prevent, restrict or distort competition following a public consultation on the issue.

This is not an overly surprising announcement given the market study published by the OFT in May and is of course set in the context of the well publicised inflation of repair costs and credit hire.

The CC will now carry out a further in depth investigation, and has the power to impose remedies should features of the market be deemed as harming competition.

The results of the investigation will not be known for a while as the CC has up to two years to report its findings. In the interim, there are already initiatives underway within the market aimed at addressing rising motor insurance costs, such as the RTA portal, cost reforms and the fraud register.

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