The Association of British Insurers (ABI) will establish a new Consumer Forum to help drive its work to improve outcomes for customers which will focus on:  

• Regaining trust in financial services.

         

• Enhancing consumer understanding of financial services products. 

• Improving access to advice and products.  

The ABI will be inviting key industry consumer representatives and stakeholders to sit on the new Consumer Forum, which will report directly to the ABI Board.  

Maggie Craig, the ABI’s acting Director General, said:  

“It is very important that the ABI and its members play a key role in helping consumers regain trust in financial services. This will only be achieved by increasing understanding of our products and improving outcomes for our customers.”  

The ABI will also:

• Review all existing industry Good Practice Guides and develop a new range of Consumer Guides where needed.

• Build upon or evolve existing ABI consumer initiatives ensuring that they are applicable to both the life and general insurance providers.  

The Consumer Forum will replace the Customer Impact Panel that provided oversight of the ABI Customer Impact Scheme for the life and pensions market. Results from the 2010 annual survey, due early in 2011, will be the last under the Customer Impact Scheme as the ABI takes forward its new approach to consumer work.  

Maggie Craig said:

“The Board would like to thank members of the Customer Impact Panel, and particularly the commitment and efforts of the Chairperson, Melanie Johnson and Vice-Chair, Mike Ross, for their oversight of the scheme over the past five years.   Without their focus and challenge the ABI would not be in the position to take the natural next steps of building on its work to improve consumer outcomes across the industry. “    


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Notes

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1.    The ABI is the voice of the UK’s insurance, investment and long-term savings industry. It has over 300 members, which together account for around 90% of premiums in the UK domestic market.

The ABI’s role is to:

• Be the voice of the UK insurance industry, leading debate and speaking up for insurers.

• Represent the UK insurance industry to government, regulators and policy makers in the UK, EU and internationally, driving effective public policy and regulation.

• Advocate high standards of customer service within the industry and provide useful information to the public about insurance.

• Promote the benefits of insurance to the government, regulators, policy makers and the public.  

The UK insurance industry is the third largest in the world and the largest in Europe. It is a vital part of the UK economy, managing investments amounting to 24% of the UK’s net worth and contributing the fourth highest corporation tax of any sector. Employing over 275,000 people in the UK alone, the insurance industry is also one of this country’s major exporters, with a fifth of its net premium income coming from overseas business.

2.        An ISDN line is available for broadcasts.  

3.        More news and information from the ABI is available on our web site, www.abi.org.uk.