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17 Dec 2013 12:55
17 December 2013
Moneysupermarket.com Group PLC - Competition Commission investigation into the Private Motor Insurance Market
Moneysupermarket.com Group PLC ("MoneySupermarket") notes the Competition Commission has today issued its provisional findings report in connection with its investigation into the private motor insurance market.
MoneySupermarket has worked very closely with the Competition Commission and welcomes its proposals to prohibit the use of 'wide' most favoured nation clauses in contracts between price comparison websites and motor insurers which prevent an insurer offering a lower premium through another price comparison website.
MoneySupermarket does not have these 'wide' most favoured nation clauses in its contracts with motor insurers and believes that such clauses stifle innovation, reduce competition and can result in higher motor insurance premiums for consumers.
Peter Plumb, CEO of MoneySupermarket, said:
"Our overriding strategy is to get drivers cheaper prices for the same cover at MoneySupermarket, than on any other price comparison website. As the only major independent price comparison website in the UK we've been working with insurers to deliver this to our customers. However some price comparison website competitors have tried to stop us by using clauses that force price parity across all price comparison websites and therefore prevent an insurer offering a lower premium through us.
"We are delighted that the Competition Commission is proposing to stop this practice by some of our competitors. This is good news as it will allow us to offer better prices for the same cover to even more customers."
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For further information, please contact:
Maitland Communications 020-7379-5151
William Clutterbuck
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