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ABI/Aifa give new advice on redress

The ABI and Aifa are renewing their defences against claims management firms with new guidance telling members to compensate consumers direct.

The trade bodies want to raise awareness that consumers can deal with firms directly for free and do not have to hire claims management firms, which on average will take a quarter of their compensation as a fee.

The move follows ABI research showing success rates are higher for those who complain direct to the endowment company. Aifa and the ABI say members have worked hard to improve complaints handling procedures.

Aifa director general Chris Cummings says: “The research provides a compelling reason to remove ambulance-chasers from the equation. IFAs’ complaints handling procedures have improved hugely and consumers should have confidence going to them direct.”

ABI director of life and pensions Chris Kenny says: “A free process already exists within companies and then via the Financial Ombudsman Service that is open to everyone.”

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