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FOS reports rise in complaints made about insurance
The number of complaints made by UK consumers to the Financial Ombudsman Service (FOS) concerning insurance rose last year, the organisation has revealed.
New figures released by the organisation show that grievances registered about payment protection insurance (PPI) increased nearly threefold in 2008-09 compared with the previous year.
According to the organisation, a total of more than 31,000 complaints were made by people who felt unhappy with the way in which they had been sold the product.
This was a rise from the 10,652 grievances lodged during the previous year.
Consumers who registered such complaints had a high rate of success, with the FOS finding in favour of them in 89 per cent of cases.
Meanwhile, disputes concerning buildings and contents insurance increased by 29 per cent and 23 per cent respectively in 2008-09.
The FOS was created to settle individual complaints between consumers and firms involved in the provision of financial services.
28/05/2009 15:02
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