Complaint numbers up: FSCL
Thirteen formal investigation files about advisers were opened by Financial Services Complaints Ltd in the six months to December 31.
Friday, February 7th 2014, 6:00AM
by Susan Edmunds
Of those, nine related to insurance advisers, one to a mortgage adviser and three to financial advisers.
There was a 110% increase in consumer inquiries to FSCL and a 55% increase in investigations compared to the same period in 2012.
Only 6.5% of the cases required a formal recommendation from FSCL.
Chief executive Susan Taylor said it was not a bad thing for the industry because it showed that consumer awareness of dispute resolution schemes was growing.
Taylor says most cases FSCL investigated were resolved early – either settled, or withdrawn after conciliation or negotiation between participants and their customers, with the help of a FSCL case manager.
“This means positive outcomes for both financial service providers and consumers. Coming to an agreement that both sides are happy with is infinitely preferable to us having to make a ruling in one side’s favour.”
Travel insurance was still the most commonly complained about product, followed by consumer credit agreements.
As well as the formal investigations that have already begun, FSCL received complaints and inquires but had not yet started formal investigations in relation to 130 insurance advisers, 26 mortgage advisers and 87 financial advisers.
FSCL is one of four disputes resolution schemes operating. All financial services providers must belong to one of the schemes.
| « Pitfalls in advertising fees | IFA working on pro-bono offering » |
Special Offers
Comments from our readers
No comments yet
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
