Which? responds to Financial Conduct Authority launching market study on premium finance

Rocio Concha, Which? Director of Policy and Advocacy, said:

“Which? has been urging the Financial Conduct Authority to take action to end the car insurance rip-off after finding motorists who can only afford to pay monthly are being charged excessive interest rates of up to 45 per cent.

"The regulator’s premium finance market study is a positive step and must lead to action that ends this unjust ‘tax on being poor’ for motorists. The FCA should also get tough with insurers that are falling short of their responsibilities under the Consumer Duty by failing to offer fair value when quoting or making the claims handling process a nightmare for their customers.”

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