Part 3: Miscellaneous and General Section 11: Report on effect of Parts 1 and 2
Subsections (1) to (6) of this section enables the Treasury to specify in regulations information that insurers must provide to the FCA about the effects of Parts 1 and 2 of the Act on individual customers in England and Wales who have purchased insurance policies which include cover for personal injury. The regulations may specify the level and type of information to be provided, the period of time for which the requirement will apply and that the information may be subject to audit. Subsection (7) requires the Treasury to prepare and lay a report before Parliament which summarises the information provided and which gives a view on whether and how policy holders have benefitted from reductions in costs to insurers arising from these reforms. Subsection (10) makes consequential amendments to the Financial Services and Markets Act 2000 to enable the Financial Conduct Authority to use its existing powers to ensure firms under its supervision comply with the requirement. Regulations made under this section are subject to the affirmative resolution procedure.