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18.12.2024 | 🇬🇧 UK competition authority
The Competition and Markets Authority (CMA) has issued a letter to Somerset Bridge Group Limited, highlighting a significant breach of the Private Motor Insurance Order. The breach pertains to Part 2 of the Order, which mandates the accurate provision of information regarding No Claims Bonus Protection.
Specifically, Somerset Bridge Group failed to provide the correct pricing for No Claims Bonus Protection to a number of customers. This oversight has impacted around 225,000 customers over a span of up to five years, raising concerns about compliance with regulatory standards.
The CMA's findings underscore the importance of transparency and accuracy in the insurance sector, particularly in relation to customer benefits and protections. The authority is likely to pursue further actions to ensure that such breaches do not recur in the future.
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