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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.”

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