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Consumers are well aware of right to complain says ABI

The Ombudsman&#39s annual report shows customers are well aware of their right to complain according to the ABI, with complaints to the FOS for the period April 2003 to March 2004 at a record high.

ABI head of life and pensions Chris Kenny says the report indicates industry initiatives to make consumers aware of their right to complain are working.

The FOS annual report shows the majority of complaints were on endowment policies. The number of these complaints doubled in one year to a total of 50,000. The ABI recently published a revised version of its Endowment Code with updated advice for the insurance industry as to how to help customers who believe they may suffer a shortfall and wish to complain.

Kenny says: “The industry has worked hard to make information clearer and more accessible to customers and to improve complaint handling. Today&#39s system, which allows customers to appeal to the completely independent FOS, is fair and efficient.”


&#39Provider stakes in IFAs cast doubt on independence&#39

Product provider investment in IFAs calls into question the independence of the advisory firm, according to Standard Life group chief executive Sandy Crombie, who says Standard would never consider such a move. Speaking to Money Marketing this week, Crombie said that product provider investment – common in recent years as manufacturers and distributors have tried […]

Watchdog urges providers and advisers to make critical reviewable rates clear

The Financial Ombudsman Service has asked advisers and providers to be certain that consumers understand the implications of reviewable premiums as these sales have dominated the critical-illness market over guaranteed premiums. The FOS is concerned that some contracts may not be clearly explained at the outset and customers do not realise that annually reviewable rates, […]

Open Annuities wins £10m case

Gibraltar-based annuity provider Open Annuities has seen its busiest month ever during May and attracted a £10m case – the largest in the company&#39s history. The Open Annuities product allows wealthy individuals to pass their pension funds, less inheritance tax, to their estates on death after age 75. Open Annuities chief executive Ken Wrench says: […]

Brokers believe their futures depend on e-commerce according to NU

Brokers who do not embrace the potential of e-commerce will fail according to technically astute intermediaries in a Norwich Union poll of 400 intermediaries. “Techno savvy” brokers are now the UK broker market&#39s dominant group, making up 31 per cent of intermediaries, according to the research. NU reveals intermediaries feel technology plays an important role, […]

Tax year-end planning with the family

From the Technical team at Prudential Let’s face it, many aspects of financial planning involve a lot of technical detail. At our face-to-face events, we’ve had great success bringing these technical topics to life through the use of practical case studies. Meet the family Prudential’s Planning Matters hub brings together a fictional family and explores […]


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