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ABI says Consumers lose out through claims firms

Consumers get a better deal complaining direct rather than using claims management companies, according to research from the ABI.
The FSA produced data yesterday showing the industry has now paid out £2.7bn in redress to over 1.8 million customers.
The ABI says data shows individual complaining through a CMC typically receive around £1,400 once CMCs received their share compared to an average of £3,200 received when individuals claim direct.
It says 71 per cent of complaints made direct so far in 2006 were upheld, compared to only 51 per cent through a CMC.
ABI director of life and pensions Chris Kenny says: “It is absolutely clear that policyholders get a better outcome when they complain direct. Policyholders should understand there is a fair and entirely free system in place. CMCs add no value to the process – yet charge a hefty fee for doing so.”


Standard appoints non-exec director

Standard Life has appointed Crawford Gillies as non-executive director. He has spent 22 years with Bain & Company management consultants, which will retain him as senior consultant.

ABI changes cancer definitions

The Association of British Insurers has bowed to pressure from Swiss Re and changed its statement of best practice on critical illness insurance for two types of cancer. In light of new medical evidence presented by Swiss Re which suggests that the two cancers may be malignant in some cases, the ABI has decided that […]

A pain in the neck

An MM hack impressed Skandia with his organisational skills by managing to lose his Eurostar tickets on a pre-Christmas jolly to Paris.After getting everyone else involved in the hunt for them, he realised that he must have inadvertently swapped his lunch menu for the tickets.This resulted in a messy search through the canteen bins until […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


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