Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of taking steps to deter the practice of assignment of benefit only collection of premiums and avoiding liabilities by acquiring insurance companies.

The Financial Conduct Authority monitors the risk of firms’ non-compliance with its rules by maintaining regular and open dialogue with consumer organisations, trade associations, and other sources such as complaints information.

The Financial Conduct Authority has not been made aware of widespread issues relating to assignment of benefits, and the Government does not currently plan on taking action.