The financial ombudsman (FOS) has hit back at criticism of its complaints statistics, saying the data was not designed for consumer use but to encourage firms to handle client grievances more efficiently.
Some industry representatives had attacked last week's complaints data - only the second ever published by the FOS - attacking the form in which they are produced and their ambiguity. Trade bodies the ABI and BIBA were among those to say the format of the statistics lacked context. Protection and health insurance products are split between the general insurance/pure protection group and the life and pensions category, but without breakdowns for each provider's particular product types. Steve White, BIBA head of compliance and training, says: "It's all about context so customers ca...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
