Many of you will be aware that the Financial Conduct Authority (FCA) is a regulatory body with one of its responsibilities being for regulating the motor insurance industry. Well, if you happen to own a classic car, you may find it of interest to read that the FCA is, shall we say, a little unhappy with a number of motor insurance companies.

The reason for this is that the FCA recently carried out a survey with 12 motor insurers. These 12 motor insurance companies make up for about 70% of the motor insurance market. The FCA found that, in some instances, a number of these insurance companies did not initially offer policyholders a fair sum of money when a customer made a claim due to his or her motor vehicle either being stolen and never seen again or so badly damaged in a road accident that the vehicle has been written off.

Another reason why some insurers fell foul of the FCA was that they initially offered a policyholder a sum of money to meet the claim that they knew was lower than it should be and that if the customer was to query or complain about the sum of money offered the insurance company could subsequently increase its offer. This practice was critisised by the Financial Conduct Authority.

We are sure that you will agree, the above is worrying. A number of motor insurance policyholders find the claims process stressful enough so the above poor practices could potentially just add to the policyholders stress levels.

Let us all hope that, following the above FCA survey, those motor insurance companies taken to task will mend their ways and ensure that they take heed of what the FCA had to say. If they do not then presumably the regulator could take action against those insurance companies not complying with their request. We will endeavor to continue to keep our readers up to date with the above.