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Complaints fall 20% on income protection

The Financial Ombudsman Service received almost 20 per cent fewer complaints for income protection insurance in the past year while complaints for payment protection and similar products rose by nearly 40 per cent.

The FOS annual review, released last week, revealed that 891 complaints were received for income protection insurance in the year ending March 31 2007, compared with 1,103 complaints the previous year.

Critical-illness insurance also caused fewer concerns, with only 680 complaints received over the year, compared with 799 the year before. But 517 more complaints were registered with the ombudsman for loan protection products such as PPI and MPPI. The FOS received 1,832 complaints com-pared with 1,315 last year.

Lifesearch head of protection strategy Kevin Carr says: “This is good news for income protection. It shows that the industry is making important moves to improve clarity, rules and information and this is beginning to filter through. I hope that the FSA takes account of these figures in its Icob review.”


Multi-manager firms link for roadshows

Five multi-manager firms are joining forces on a national IFA roadshow. T.Bailey, iimia, Premier, Neptune and The Way Group will be holding five events across the country in September. To register, call 01392 475 904.

Alexander Hall to expand

Alexander Hall is to expand its branch network and broker headcount following the takeover of parent group Foxtons by BC Partners for 390m.Chief operating officer Andy Pratt says BC Partners is backing the plans, which will see Alexander Hall open more offices in Guildford and Surrey, where it only has one office, and expand further […]

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A client has been warned that pensions are a waste of money but is property investment a viable alternative?

Is watchdog over the limit?

The Financial Ombudsman Service is facing a judicial review of whether it is acting outside its powers when hearing complaints from some categories of advisers.


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