Car insurance protest in Dublin city centre in 2016
This morning/afternoon.
We knew this day would come.
Via RTÉ:
Six motor insurance companies have signed legally binding agreements to reform their internal competition law compliance programmes, following an investigation by the Competition and Consumer Protection Commissio
The development brings to an end a five-year long investigation by the CCPC into suspected “price-signalling” by organisations operating in the insurance market – an anti-competitive practice where businesses make their competitors aware that they intend hiking prices.
The CCPC said the agreements in no way give the industry a “clean bill of health” and it has written to the Central Bank outlining its concerns about the broader culture of the industry and the “repeated interventions that have been needed to address issues in the sector.”
The six firms that have signed up to the legal commitments are AIG Europe SA, Allianz PLC, AXA Insurance DAC, Aviva Insurance Ireland DAC, FBD Insurance PLC and AA Ireland Limited.
However…
Brokers Ireland, which was also the subject of the probe, has declined to sign up to the agreements.
*swerve*
Motor insurers to introduce new compliance measures (RTÉ)
What’s the point without a financial penalty for their price fixing.
All progress is thanks to Pearse Doherty.
Government was in collaboration with these toerags for years.
Government were more than happy to stonewall these investigations and ignore Pearse’s protesting
What do you expect with a FGer, Michael Darcy having special responsibility for Financial Services and Insurance?. (He then jumped ship to Chief Executive of the Irish Association of Investment Managers, which SF have questioned the legality of)
https://www.rte.ie/news/business/2020/0928/1167942-michael-darcy-resigns/
Another Brian Hayes. Maybe a golfing buddy?
In the context of this story and related issues I hate this fupping country, I really do. Years after years of being fleeced with government collusion, being led on a merry dance while they help themselves to my wallet. The issue is raised, it takes 5 years to address, no penalty, no progress, no refund, no compensation, no change. These thieves are already 10 steps ahead in the next part of their scam. The government has made it law that I get insurance but yet won’t legislate, regulate and protect me from these gougers. So very, very frustrating.
Fair play to Pearse Doherty, please stay with it, I’d gladly have him as Taoiseach if this is a sign of things to come from him.
As someone who’d be sceptical of the Shinners, I’d have a lot of time for Pearse D.