Insurance -
EU proposes car insurance competition boost - 21/11/2007
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The European Commission has unveiled plans to boost competition in the car insurance sector, as part of its plans to update its internal market.
An EU-enforced "scoreboard" to allow customers to accurately compare rates offered by car insurance providers is proposed, in a bid to "keep [firms] on their toes".
This would allow customers to gain clear, unmediated car insurance price comparisons - and enhance their ability to pick out the cheapest car insurance offer.
Restrictions existing in some territories which make it difficult to switch car insurance providers would also be removed under the European Commission's proposals.
Internal market commissioner Charlie McCreevy commented: "I want consumers to be able to shop around for the best deal in financial services in the same way that they do when buying a car."
He added: "This will keep retail financial institutions on their toes and working harder to meet consumer needs."
Also included in the plans is a liberalisation of banking services, making it easier for consumers to switch accounts.
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