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U.K.: Auto insurance companies under OFT watch

By  |  October 29, 2012

Following statements that the U.K.’s auto insurance market is unfairly driving up costs for consumers within dysfunctional competitive practices, the OFT has announced an investigation into the sector. OFT chief executive Clive Maxwell described the auto insurance market’s competition as ineffective in an official statement, adding that consumers have little control over overall costs they’re issued. Among its specific concerns, the OFT plans to investigate insurance companies’ practices of offering replacement vehicles and repair services at higher-than-market rates to consumers are involved in an accident for which they are not at fault.

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