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Fall in protection complaints to FCA

by: Thomas Smith
  • 01/04/2015
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Fall in protection complaints to FCA
Complaints about income protection (IP) and critical illness cover (CI) fell in the second half of 2014 figures from the Financial Conduct Authority (FCA) have revealed.

The category, other decumulation, life and pensions, also saw a fall in the number of complaints made.

The number of complaints against life insurers and the proportion of complaints closed within eight weeks fell 6% to 90% with 40,192 closed within that time frame.

There was also an increase in the proportion of complaints upheld against life insurers to 48%, an increase of 3%.

Among decumulation, life and pensions providers The Prudential Assurance Company Limited received the most complaints (6,209), with Friends Life (5,188) and Aviva Life (4,153) coming second and third.

Consumers made a total of 2.18 million complaints to firms in the second half of 2014, 7% less than those made in the first half of the year. Payment protection insurance (PPI) made up 48% of this number with just over 1 million complaints. However, the total number of PPI complaints fell by 177,981.

Aside from PPI there was an increase in complaints of 1% mainly caused by an increase in complaints about banking and credit cards.

Christopher Woolard, director of strategy and competition at the FCA, said: “Today’s statistics offer a mixed picture. When you take PPI out of the equation, complaints are still on the up.

“So, while the overall decreases we have seen should be welcomed there is still more for financial services firms to do.

“The FCA’s challenge to those firms is to put the necessary measures in place to ensure we see a consistent fall across all sectors.”

A spokesperson for Friends Life said: “Friends Life is committed to providing quality service and propositions to customers.

“When we receive a complaint, we deal with it fairly and thoroughly and do our best to put it right for the customer.

“We will continue to work hard to meet the needs of our customers and reduce the number of complaints.

“The figures quoted by the FCA account for around 0.1% of our 5 million customers, however we will continue to work hard to reduce the number of complaints we receive.”

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