Financial Conduct Authority falls short of addressing misleading insurance industry claims, says Thompsons14 June 2013
Does not go far enough to address the misleading claims insurers make to consumers
The FCA published a report this month scrutinising the insurance sector’s approach to motor legal expenses insurance (MLEI) and setting out new guidelines for the sector.
While the FCA report has examined insurers’ behaviour, the firm feels that it does not go far enough to address the misleading claims insurers make to consumers.
Head of Policy and Public Affairs at Thompsons, Tom Jones said, “This smacks of stable doors flapping in the wind. For years insurers have frightened and misled policy holders about the need for and extent of MLEI and they continue to do so about the level of motor insurance premiums and so-called compensation culture.
“The insurers have made a fortune and now they are being told to get their house in order. But even now it's only a requirement to 'consider' and threats - if you can call it that - of a 'proportionate approach' to transgressions.”
Thompsons Solicitors has launched an on-going campaign to challenge hypocrisy within the motor insurance industry and their allegations that fraudulent claims are making their operations unprofitable.
Putting a stop to hypocrisy within the insurance industry
Thompsons is challenging the insurance industry about the hypocritical arguments it makes about fraudulent claims and the negative effect this is having on injured people and victims of road accidents.
We urge you to contact your MP about this issue and have prepared this letter template as an example. Go to http://findyourmp.parliament.uk/ to find out who your local MP is.
Injured on the roads? Help and compensation is close at hand.
If you’ve been injured on the roads in the last three years, Thompsons Solicitors' expert road traffic accident solicitors can support you with making a road traffic compensation claim.
Whether you were the driver or passenger in a car, lorry, coach, van, bus, truck, on public transport or were injured as a pedestrian or cyclist, you may be able to claim for damages.
If you have suffered injuries such as whiplash, bruising or a more serious injury following a road traffic collision on the motorway, country lane or city roads, our solicitors across the UK are ready to help you to make a claim and access any rehabilitation you require.
Unlike other firms, Thompsons only ever acts for the injured person – never for insurance companies. This means we will fight harder to secure the maximum level of compensation for your injuries, and don’t need to please motor insurance paymasters.
Contact us today for a free, no obligation assessment of whether you have a claim for compensation following a road accident.
For further information, visit our How to Make A Compensation Claim page.