On Claims Management Companies being regulated by the FCA
“A stronger regulatory regime for claims management companies (CMCs) operated by the FCA should be beneficial for consumers. IFoA research on third party motor claims shows that there is a link between the location of the highest levels of third party injury claims in the UK and the greatest number of claims management companies. Further regulation of the sector could help protect consumers from higher insurance premiums caused by the filing of unnecessary claims.”
On the 0.5% increase insurance premium tax
“This year’s 0.5% increase in the Insurance Premium Tax will not have as much impact on people’s pockets as the 2015 increase. It is very welcome news that this tax increase will be used for flood defences. With the UK continuing to experience wet winters, with five of the top six wettest years occurring since 2000, proper flood defences are increasingly vital to protect our communities at risk from flood.”
On infrastructure investment
“The IFoA welcomes the announcements of £60 million to support plans for a high speed rail link between Leeds and Manchester, and £80 million to support Crossrail 2 in London.
“The World Bank estimates that there is a need for $3.7tn of global infrastructure investment annually, whereas actual investment levels are only $2.7tn. In the UK, a similar investment gap exists. Addressing this infrastructure gap is critical to drive the UK’s growth and competitiveness. However Government is not able to foot the entire bill. Innovative models of public-private financing can and should be developed to attract potential investors in infrastructure projects.”
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