May 31, 2012
Spencers Solicitors responds to the OFT’s provisional decision to refer the motor insurance market to the Competition
John Spencer, director of Spencers Solicitors, said:
"The referral of the private motor insurance market to the Competition Commission is excellent news for both consumers and people injured in car accidents. Years of rampant profiteering have created a dehumanised and amoral system which puts profits far above the public good. It is my hope that the death knell for these practices has been sounded."
"Insurers play a key, but by no means sole, role in this dysfunctional system, dreaming up perverse commercial incentives such as the auctioning of personal injury cases, which may maximise their profits but ultimately damage access to justice and push up premiums for drivers.
"In light of the referral, it is clearly time for the Government to rethink their cosy relationship with the insurance lobby. The Government’s position of constructing reforms solely at the behest of insurers is manifestly untenable and certainly not in the best interest of the public.
"By engaging all parties within the personal injury and private motor insurance markets, the Government will have a far greater chance of creating a fair and equitable system, and lowering insurance premiums along the way."
Read the full press release Spencers Solicitors responds to the OFT’s provisional decision to refer the motor insurance market to the Competition Commission