UK Government Launches Taskforce to Tackle Rising Car Insurance Costs
A new initiative aims to address the financial burden on drivers, focusing on fair pricing and competition in the insurance market.
- The Financial Conduct Authority (FCA) has initiated a study to assess whether consumers are receiving fair deals when paying for motor and home insurance in instalments.
- The motor insurance taskforce, co-chaired by Transport Secretary Louise Haigh and Economic Secretary Tulip Siddiq, will examine factors contributing to high insurance costs, including inflation and car thefts.
- Consumer groups and insurance bodies, such as the Association of British InsurersBritish Insurance Brokers’ Association, are collaborating with the government to find solutions.
- Labour's manifesto includes a commitment to support drivers by addressing the soaring cost of car insurance, with particular attention to those affected by age or ethnicity.
- The FCA's review will also consider the impact of rising insurance prices on diverse demographic groups, aiming to ensure equitable access to insurance across the UK.
Evening Standard 
The Times 
i 
The Independent 