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FOS protection claims down

The ombudsman received almost 20 per cent fewer complaints for income protection insurance this year while complaints for payment protection insurance and similar products increased by nearly 40 percent.

The Financial Ombudsman Service annual review, released today, shows 891 complaints were received for income protection insurance in the year ending March 31 2007, compared to the 1103 complaints received in the previous year.

Critical illness insurance also caused fewer concerns this year, only 680 complaints were received while 799 cases were recorded last year.

But an additional 517 complaints were registers with the ombudsman for loan protection products such as PPI and MPPI. The ombudsman received 1315 complaints in 2006 but this year a hefty 1832 cases were recorded.

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

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