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News Tag: Competition Commission

September 28, 2012

Car insurance market to be scrutinised

by Jan Harris
Car insurance market to be scrutinised
The high cost of car insurance premiums has prompted an investigation into the market amid concerns that it is dysfunctional and not working well for motorists. The Office of Fair Trading (OFT) has referred the private motor insurance market to the Competition Commission because if believes that the way the market is structured is pushing premiums up to unnecessarily high levels. The ...

May 31, 2012

Competition Commission to investigate car insurance market

by Jan Harris
Competition Commission to investigate car insurance market
Concerns over "dysfunctional" business practices have led the Office of Fair Trading (OFT) to refer the private motor insurance market to the Competition Commission. A report by the OFT suggests that artificially high charges could be causing car insurance premiums to increase unnecessarily. The problem centres around the referral fees which car hire and repair companies pay to motor insurers. ...

July 19, 2011

BAA ordered to sell airports

by Kay Mitchell
Airport operator BAA has been ordered to sell Stansted Airport and either Glasgow or Edinburgh airports, it has been confirmed. BAA, which is majority-owned by Spain’s Ferrovial, has been under investigation by the Competition Commission since 2007. In its final ruling, the Commission said the sale of the airports was fully justified and the sale will commence in three months time. Commenting on its ruling, ...

July 27, 2010

Lloyds confirms it will cease selling PPI

by Kay Mitchell
Banking giant Lloyds has confirmed it will no longer sell the controversial payment protection insurance (PPI). Lloyds Banking Group, which is 41% owned by the taxpayer, is the first bank to drop PPI sales and the decision will apply to customers of all its brands including the Halifax, Bank of Scotland and the Cheltenham & Gloucester. Under a PPI policy, an agreed ...

May 16, 2010

Competition Commission step nearer to banning PPI

by Kay Mitchell
The Competition Commission is pressing ahead with its proposal to ban the sale of the controversial payment protection insurance (PPI). Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of the payment due on your mortgage or loan if you are unable to work, as a result of becoming ...

May 29, 2008

People still being mis-sold payment protection insurance

by Kay Mitchell
A report, which is due to be published next month, reveals that 2 million customers have been sold potentially worthless payment protection insurance (PPI). The policies cover monthly payments for goods, services or loans during illness and redundancy. Over the last 5 years, 6 million have signed up for the deals but the Office of Fair Trading, the Competition Commission and ...