Credit hire: A missed opportunity

After a two-year investigation into the private motor market, the Competition and Markets Authority finally published its report in September - only to find one aspect of it met with a barrage of criticism from insurers. The backlash came after the authority found there is ‘no effective and proportionate remedy' to issues surrounding credit hire practices, such as suspected exaggerated claims and a compensation culture.

The Competition and Markets Authority report on the private motor market was met with criticism over its lack of action on credit hire practices. So what action can the industry take?