Andy Watson, CEO, Ageas UK comments on this morning’s release of the Competition and Market Authority’s (CMA) report: 

“Today’s report is massively disappointing. The amount of time, money and effort invested in this investigation over an extended period of time raised the expectation of meaningful change, but the report has failed to deliver.  By not tackling excessive costs and charges for replacement vehicles now, the CMA has missed a big opportunity to prevent these practices and charges escalating in the future.  This could lead to higher premiums and is really bad news for consumers.”  

Commenting on the removal of Most Favoured Nation (MFN) clauses from Price Comparison Website contracts, Watson said:

“Ageas values the existence of Price Comparison Websites, which provide customers with access to a wide variety of insurance providers and the ability to compare prices and products. However, we welcome the ban on wide MFN clauses which prevent us from rewarding other distributors and their customers where their risk profile merits it.”  

Commenting on the sale of add-on products, Watson added:

“We are fully supportive of any measures that ensure that customers fully understand the products sold to them, including add-on products, which is something we work hard to achieve. We support this being reviewed as part of the FCA investigation into add-ons to avoid duplication.”