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I thought I'd find out some more about what is happening with...

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nzgeo

691 Posts.

13/01/17

08:20

Post #: 21865517
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Originally posted by Dr.Who ↑

The heat is rising on the UK government as solid arguments, backed by experts, add a new level to counter the one-sided argument put forward by ABI in the UK. Consultation period on PI reforms ends this coming Friday. Then make sense of all the arguments for/against.

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APIL (Association of Personal Injury Lawyers) have intensified their campaign in recent months to raise awareness in the community of the imbalance proposed by the UK government.

The figures collated and stated in the APIL 70 page submission feeding into consultation (due this Friday) includes a leading economist view supporting their findings.

APIL's 70-page response questions the assumption that RTA-related soft tissue injury claims are too high and are increasing. It points out that claims numbers registered by the DWP’s Compensation Recovery Unit have fallen 41% since 2010/11.

Any data relating to fraud, suggested APIL, relates to the level of motor and liability insurance fraud in general, overlooking that in 2015 just one out of every 400 motor claims was proven to be fraudulent.

‘The government is naïve enough to believe that the savings insurers will make on paying compensation will result in lower insurance premiums,’ added Sugarman. ‘Insurance industry figures show quite clearly that the industry has made savings of around £500m a year since the last round of personal injury reforms three years ago but premiums have actually increased by 8% during the same period.’

https://www.lawgazette.co.uk/news/w...s-like-an-inconvenience--apil/5059245.article

Compass did this instead and found that even if 90% of savings were passed on – “which we consider to be implausibly high” – the government’s preferred reform options would result in net costs to consumers and tax payers.

“At a more realistic 80% pass-through rate, all of the proposed policy options result in net costs to consumers and tax payers.

http://www.legalfutures.co.uk/lates...pact-pi-reforms-skewed-lawyers-say-economists

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I thought I'd find out some more about what is happening with the proposed PI legislation reforms, as it may relate to/explain the increase in trading volumes and jump in the share price since 6th January.

So the consultation period ended on the 6th January 2017, then the Govt to prepare a summary of the responses (due Friday April 7th https://consult.justice.gov.uk/digital-communications/reforming-soft-tissue-injury-claims) followed by an unknown timeframe for drafting legislation and getting it into/through Parliament (the Govt does say it plans to implement as soon as possible)

Still 3 months to hear what the governments take is on the responses to the Consultation Paper.

I conclude that the recent share price action is not speculation linked to the end of the consultation period. The timing is interesting though...

Can you add more to this Doc?

SGH Price at posting: 29.0¢ Sentiment: Hold Disclosure: Held
6 Upvote

0 Great analysis

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