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CMA takes Xchanging’s Agencyport purchase to in-depth probe

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The Competition and Markets Authority has referred the acquisition of Agencyport by Xchanging for an in-depth investigation after the technology firm failed to respond to a request for reassurance.

The CMA asked Xchanging to address concerns around competition last week, but the watchdog has now reported that Xchanging did not offer any undertakings.

The regulator had specifically questioned

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How should success of FCA’s response to Which be judged?

The effectiveness of the Financial Conduct Authority’s regulatory action in response to Which’s super-complaint about home and travel insurance is reflected in smoother claims handling, not in the number of reviews or fines, according to Claire Massey, founder of Claim Guardians.

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