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ABI response to the FCAs announcement on scorecards

The FCA has today published a Feedback Statement today which outlines the next steps following the discussion paper on General Insurance Value Measures, and announced that it will pilot the publication of general insurance ‘scorecards’ on a small number of products.

Commenting on the announcement, ABI Director of General Insurance Policy James Dalton said:

James Dalton"The ABI already publishes industry wide claims success rates for key general insurance products and the measures proposed by the FCA today were similar to those recommended by the ABI.

"We will examine this proposal in detail and work with the FCA going forward. In doing so we must ensure the high level of competition in the market continues, and that publishing this firm specific data does not risk misleading consumers with irrelevant information. It’s important that buying insurance is not just about getting the cheapest price in the quickest time possible, but about ensuring people have the right product for their circumstances."

Last updated 01/07/2016