Insurers must improve motor write-off procedures after survey shows shortcomings

Senior managers in insurance firms who are ultimately responsible for the valuation of written-off vehicles are being warned that the FCA will "hold them accountable" for considering the findings of a report that highlighted 14 "areas for improvement".

By Neasa MacErlean

In amulti-firm reviewof the 12 firms that represent 70 per cent of this market, the Financial Conduct Authority found shortcomings in six main areas - valuation of vehicles (four issues); communicating initial offers (one); handling disputed valuations (two); outsourcing (three); treatment of policies after a claim settlement (one); and management information/data collection (three).