UK motor insurance industry probe could threaten Direct Line IPO
The UK Office of Fair Trade (OFT) has referred the domestic private motor insurance industry to the Competition Commission (CC), a move that could scupper plans for Direct Line's IPO, a respected insurance analyst has warned.
Today's announcement from the OFT comes after the industry was provisionally referred to the CC back in June. It also follows a report that described the industry, including insurers, claims management firms, credit hire companies and lawyers, as "dysfunctional and inefficient".
Shore Capital analyst...
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