The Ombudsman's 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's system, which allows customers to appeal to the completely independent FOS, is fair and efficient.”