The Financial Conduct Authority (FCA) is undertaking a comprehensive market study into the insurance sector, focusing on the fairness of premium finance products used for motor insurance.
The move comes alongside the launch of a new government motor insurance taskforce, aimed at addressing increasing insurance costs.
Premium finance allows policyholders to pay their insurance in instalments, but with annual borrowing rates typically ranging between 20-30%, the watchdog is concerned over whether customers are getting fair value.
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Author:
Aimee Turner
Deputy editor
AM deputy editor Aimée Turner has been a specialist B2B editor and journalist covering the international transportation sector for more than 20 years.
She has specialised in the significant safety, regulatory, and environmental issues that impact advanced technology businesses in the pursuit of more efficient, safer and sustainable transportation modes.
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