Question to the HM Treasury:

To ask Her Majesty’s Government what is their assessment of whether the United Kingdom insurance markets are promoting competition and the best price for customers.

The Government fully recognises the importance of promoting competition in insurance markets so that customers can get the best price possible. That is why we have given the Financial Conduct Authority (FCA) an objective to promote effective competition in the interest of consumers. The FCA regulates the conduct of financial markets so that they work well and consumers get a fair deal.

We have also created the Competition and Markets Authority (CMA) to oversee competition in markets including the insurance industry. The CMA promote competition for the benefit of consumers, both within and outside the UK and their aim is to make markets work well for consumers, businesses and the economy.