View more on these topics

Thoresen: FOS is not the enemy

Otto_thoresen.jpg

The Association of British Insurers has told members they should not view the Financial Ombudsman Service as their enemy.

Speaking at the annual Protection Review conference in London last week, ABI director general Otto Thoresen argued that insurers should work clo-ser with the FOS rather than viewing it as the opposition.

He said: “We have to work hard and keep working hard at being honest where we do not do things well. We should not see the FOS as our enemy. We should see it as a necessary part of an important process. An alternative dispute resolution system is critical if people are going to have confidence in the way the industry works and we should work more closely with the FOS to use it as a way of understanding what we are doing well and doing badly.”

Thoresen also considered the suggestion from some industry commentators to extend the workplace auto-enrolment initiative to include protection.

He said: “We need to think very carefully about that. Auto-enrolment itself is a big change for employees and employers. Potentially, a lot of people will start contributing to a pension for the first time in their lives but many of those will reject this and opt out. If they will not accept auto-enrolment into a pension, why do we believe that they would accept auto-enrolment into any other product?”

Thoresen also revealed ABI plans to set up a formal working group between the Government and the industry to tackle the issue of welfare reform and develop models by the end of the year to address the gap left by reducing state benefits.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. But I thought the ABI was the enemy? I get the distinct impression the ABI is a safe house for old model, poor quality providers who see RDR as their salvation because it will kill independent advice and independent product choice and promote restricted tied advice – a return to the bad old days of direct sales where you can have any colour you like as long as its black!

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com