The European Union (EU) has unveiled plans which it says will mean an end to the anti-competitive structure of the European car insurance market.

According to reports, measures being proposed aim to remove barriers to products that have hindered competition in mortgage and insurance products for 490 million customers within Europe.

A European Commission spokesman told the Reuters news agency: "Consumers regularly complain about obstacles they face when attempting to switch from one provider to the other.

"Foreign banks hesitate to penetrate a new market if local customers are not mobile."

The spokesman went on to say that a "scoreboard" would be set up to accentuate the differences in car insurance premiums to increase cross-border competition.

Other measures being introduced include a study on the impact of tying customers to a particular product provider and an assessment of how legal regulations can curb unfair competitive practices.

Hard-hit car insurance customers will be pleased to hear of any proposals to lighten motoring costs after spiralling petrol prices recently hit the landmark £1 a litre mark.

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