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FOS complaints data needs to be put into context says the ABI

Responding to the publication today by the Financial Ombudsman Service (FOS) of company-specific complaints data, Maggie Craig, the ABI's Director of Consumer Strategy, said:

 

"It is important for consumers to have clear and meaningful information about the performance of companies who manage their insurances and investments, including how they handle complaints.

 

"The ABI's own data puts complaints into clearer perspective. For example, the actual number of motor insurance complaints referred to the FOS equated to one complaint per 4,100 motor policies; one complaint per 12,700 travel insurance policies, and one complaint for every 14,700 annuity contracts. Going forward, it is important for the FOS to adopt a similar approach when publishing its complaints data. This approach will help customers to make informed choices about an individual company's performance, and provide the right incentive for individual firms to improve their performance as necessary."  


Last updated 01/07/2016