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BRIC welcomes OFT response to its submission on insurer/credit hire agreement

The Body Repair Industry Campaign BRIC says it's delighted with the approach adopted by the OFT to the ABI's General Terms of Agreement (GTA) in relation to credit hire arrangements for non-fault drivers. The OFT has given the GTA conditional exemption after changes were made.

BRIC had submitted that the ABI's existing GTA was in breach of Chapter 1 of the Competition Act 1998 and that the GTA had been price fixing in intent for insurers who were part of this agreement. “This will help to bring order to a market where improper practices by many parties has made it a very difficult area in which to operate,” said Shaun O'Reilly, BRIC's Research Director, adding, “There are some issues on which the proposals are silent. We shall seek clarification on these and shall watch the implementation of the new arrangements closely.”

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