Credit ratings agency Standard & Poor's says UK insurance companies will have to merge or face going...
Credit ratings agency Standard & Poor's says UK insurance companies will have to merge or face going out of business because of the Sandler Review criticisms that consumers are being charged too much for services such as active fund management.
The Sandler Review calls for caps on fees and simpler products will force companies to cut costs and try to grow their customer bases.
The changes will hit smaller and mid-sized insurers hardest, and those that are unable to form partnerships or merge with bigger groups will be forced to stop taking on new business S&P warns.
Big players such as Aviva and Legal & General will benefit most from Sandler's proposals, it adds.
Data quality is key
Granted leave to appeal the judgement