In a speech today at the Raising Standards second anniversary event, Mary Francis, Director General of the ABI (Association of British Insurers), urged all life insurance and savings companies to apply for the Raising Standards Quality Mark. 

Commenting on the progress of the scheme, Mary Francis said, “The insurance and savings industry has a key role in the Government’s pensions strategy.  To play our part, we must win our customers’ trust and respect.  That is what the Raising Standards Quality Mark will help us do.”

Mary Francis continued: “The industry has come a long way in the last two years. Now more than 50% of the life and pensions market is Raising Standards accredited, or ready to become so.  The success of the Raising Standards Quality Mark Scheme provides a clear message: the industry is listening to its customers and is determined to provide them with higher standards of service.”

“We cannot afford to be complacent, especially at a time of falling markets.  I urge all life insurance and savings companies who have not yet applied for the Quality Mark, to do so.  Those companies who are already part of the Scheme have benefited hugely from their participation.  We already know that the majority of our customers feel more comfortable when buying a product with the Raising Standards Quality Mark.

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Notes

Enquiries to:
Leonie Edwards   020 7216 7411 (Mobile: 07712 841184)
Malcolm Tarling    020 7216 7410 (Mobile: 07776 147 667) 

1. The Association of British Insurers represents over 400 insurance companies. 30% of the money saved by individuals in the UK is held in insurance products. Insurance administered pensions account for 43% of all pensions the UK. In 2001 fund under management for insurance administered occupational schemes was £195bn, for insurance administered personal pensions the figures was £325bn.

2. The Raising Standards press release is attached.

3. An ISDN line is available for interviews.