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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.”


Pack up your troubles

Our panel believe packagers have adapted sufficiently to defy predictions of their early demise. Plus, the costs of regulation are assessed

Zeros ‘set for comeback’

The zero-dividend preference share market continues to throw up opportunities despite shrinking by a quarter in the last three years, says F&C. The asset class has fallen out of favour since the high-profile problems in the split-capital investment trust market, shrinking from 2.7bn in 2002 to 2.1bn in 2005, but new zeros are now being […]

NU International hits record new business levels in Q3

Norwich Union International hit new business levels of £243m by Q3 of 2005.The figures show an increase of 41 per cent on the same period last year for the Dublin based firm. NU International marketing director Paul Sherlin says: “Our third quarter reached record sales of over £96m and we can attribute much of this […]

75% Say they would quit provider for poor service

This view was particularly prevalent among 25-35-year- olds, with 86 per cent saying they would vote with their feet if they were faced with poor customer service, according to research commissioned by outsourcing firm Liberata Financial Services. Sixty-five per cent of policyholders say they would switch provider if it failed to provide them with clear […]


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