The Financial Ombudsman Service (FOS) has published details of the complaints received about UK financial institutions, and for the first time has named the insurance companies, banks, and investment firms that feature in its statistics. The figures cover the six months to the end of June 2009 and show the number of complaints received about [...]
The Law Commission is dissatisfied with current insurance law, The Daily Telegraph has reported. The independent body, which keeps the law under review and recommends reform where needed, is due to report on insurance law this autumn. According to the newspaper, it will say that current insurance law is unsuited to mass-market consumer insurance policies [...]
The Association of British Insurers (ABI) has responded to the Financial Services Authority’s (FSA’s) Consultation Paper on the Retail Distribution Review (RDR) by applauding the work so far but expressing disappointment that it does little to encourage savings and advice for the mass market. ABI director of life and savings, Maggie Craig, points out that [...]
The Financial Ombudsman Service (FOS) is unhappy about the way consumers are being treated when they complain about the products and services provided by the UK’s financial institutions. According to the watchdog, a growing number of consumers are receiving “dismal” treatment when they raise a complaint, which the FOS suggested could reflect a “weary cynicism” [...]
The Financial Ombudsman Service (FOS) says it has received over 25,000 complaints relating to the sale of payment protection insurance (PPI), since January. By comparison, during the 12 months to April 2008 the service recorded 10,652 complaints regarding PPI, up significantly from 1,832 during the previous 12 months. At the beginning of the year, the [...]
The Accountancy and Actuarial Discipline Board (AADB) is to investigate the way in which government actuaries advised the regulators of mutual life insurer, Equitable Life. The board will focus its enquiries on the advice given by the Government Actuary’s Department (GAD), between December 1990 and April 2001. Equitable Life was founded in 1762 and grew [...]
Changing economic circumstances could result in an increase in claims for Payment Protection Insurance (PPI) during 2008, and while a rise in redundancies would almost certainly reveal further instances of mis-selling there is good news from the Financial Ombusdman Service (FOS). Emma Parker, spokesperson for the FOS, states: “We received a record 970 cases in [...]
The Financial Ombudsman has today announced that it is continuing to investigate some 4,000 claims of mis-sold payment protection insurance despite moves made to clamp down on rogue selling of incomplete and inadequate cover to consumers. The announcement follows an ongoing battle by the Financial Services Authority to eradicate unscrupulous policy sellers and to clear [...]
The Financial Ombudsman Service is warning motorists that the insurance industry is currently rejecting thousand of claims because of a form of fraud known in the industry as “fronting”. A common example of “fronting” would be when a young driver has a car but falsely informs his or her insurance company that a parent is [...]
The president of the Chartered Insurance Institute, Lord Hunt of Wirral, is to lead an independent review of the Financial Ombudsman Service (FOS). The review will consider the openness and accessibility of the service to its customers and stakeholders. It forms part of a programme under which the FOS board invites external scrutiny by way [...]
