November 6, 2009

Insurance Times reckons the ABI may working with the FSA on plans to curb the practice of third-party capture. The fear is that insurers are compromising the interests of accident victims and solicitors when they contact the former without involving the latter.

Times says an FSA risk assessment begun in 2007 is now complete and quotes the following answer given to a parliamentary question on 27 October by Exchequer Secretary Shakira McFly:

“The FSA has carried out exploratory work on the issue of third-party capture in the insurance industry to assess the nature of the practice and the level of risk to consumers. It is currently liaising with the relevant trade bodies to agree what action can be taken by the industry to mitigate the risks to consumers.”

The ABI apparently declined to comment on whether or not it is a relevant trade body.


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