General Insurance & Pure Protection – Winners of the Most Misleading Advice 2008

frankdow — Thu, 03 Sep 2009 22:25:36 +0000

Over nine million individual complaints were made to companies involved in the financial services industry between 2006 and 2008 Banking and loans made up over half of complaints made to financial companies in that period. The Financial Services Authority (FSA) published the complaints figures on the 3rd September 2009. The data indicates that the overall number of complaints has increased by 5.7% over the period, however the biggest increases of 2.02m complaints were seen in the first half of 2007. Misleading advice about Life and Pensions products was the largest cause of complaints at 34%. The number of complaints about other general insurance or protection products (including payment protection insurance) more than doubled between 2006 and 2008 from 61,972 to 126,803 which was largely due to increasing numbers of complaints about payment protection insurance, with 69,686 of the complaints pertaining to misleading advice and 42,037 for poor customer service. Banks and loans managed 44,617 and 128,280 respectively.

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General Insurance & Pure Protection – Winners of the Most Misleading Advice 2008