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UK motor insurance customers to get £200 million in claims, regulator says
The Financial Conduct Authority found insurers made unfair automatic deductions, disadvantaging careful drivers; £129 million has already been paid to nearly 150,000 customers.
- An estimated 270,000 motorists are expected to receive £200 million in compensation after insurers short-changed customers on stolen or written-off vehicle claims.
- Sarah Pritchard, deputy chief executive of the FCA, said firms must act to deliver good outcomes for consumers and support them when making claims.
- A spokesperson for the Association of British Insurers said insurers have made changes to their settlement approach to support customers better.
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UK motor insurance customers to get $270 million in claims, regulator says
British motor insurance customers will receive 200 million pounds ($270 million) in compensation after a regulatory probe into historic commissions led insurers to revise their claims processes, the Financial Conduct Authority said on Friday.
·United Kingdom
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Around 270,000 motorists to receive compensation after being ‘short-changed’
Insurers have overhauled their claims processes in line with the Financial Conduct Authority’s Consumer Duty. An estimated 270,000 motorists are expected to receive £200 million in compensation, after the Financial Conduct Authority (FCA) found some insurers had short-changed customers on stolen or written-off vehicle claims. Of this, £129 million has been paid to date to nearly 150,000 customers, relating to the historic claims, the regulator s…
Coverage Details
Total News Sources17
Leaning Left4Leaning Right3Center4Last UpdatedBias Distribution37% Left, 36% Center
Bias Distribution
- 37% of the sources lean Left, 36% of the sources are Center
37% Left
L 37%
C 36%
R 27%
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