FCA Will Monitor Insurers On Whiplash Reforms, Gov't Warns
Law360, London (November 20, 2018, 5:07 PM GMT) -- The Financial Conduct Authority will closely monitor whether U.K. motor insurers pass on the cost savings from hotly anticipated whiplash reforms to their consumers, a government spokesman warned the industry Tuesday.
Ministry of Justice spokesman Richard Keen welcomed a public promise from the insurance industry to pass savings on to drivers before the sweeping whiplash reforms entered their final stages in the House of Lords on Tuesday afternoon.
“Having made this public pledge the government intends to hold you to it,” Keen, a Conservative Party peer, told an Association of British Insurers conference in London. “The government has amended the bill...
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