Financial Ombudsman Service (FOS)
Motor insurance complaints to FOS climb again
Motor insurance has remained in the top five most-complained-about products with buildings insurance also joining the list, according to the Financial Ombudsman Service as it released data for October to December last year.
In Depth: Legal expenses cover… needed more than ever?
Clients may want brokers to advise on how to reduce premiums, but this is the one add-on to hang onto according to providers as Rachel Gordon discovers.
FOS insurance complaints rise 19.9%
The Financial Ombudsman Service opened 39,730 new insurance cases in 2022/23.
FCA proposes 10.4% hike to broker fees block
The Financial Conduct Authority is poised to raise fees for the general insurance mediation pot where brokers sit to £34.7m for 2023 to 2024, as its budget rises to £684.2m, including a £5.3m Consumer Duty cost.
FOS compensation limit hiked to £415,000
The Financial Conduct Authority has raised the limit on complaints awards that the Financial Ombudsman Service can dish out to £415,000.
FCA opens survey on SME thresholds for FOS insurance complaints
The Financial Conduct Authority has launched a review on shifting the thresholds for SMEs to be able to refer complaints to the Financial Ombudsman Service, as it revealed there have been 1,835 insurance complaints since the rules came into force on 1…
FOS hones in on high motor insurance complaints
The Financial Ombudsman Service has zoomed in on the high level of complaints about motor insurance as it released the latest set of data.
FOS to maintain levy at £106m despite forecast increase in cases
The Financial Ombudsman Service has frozen its levy for the 2023/24 financial year at £106m stating that due to the current economic climate and the pressures that businesses are under there will be no increase for inflation.
Atlanta claims UK first with Plain Numbers roll out
Atlanta, claims to have become the first organisation in the UK to have key customer high volume communications certified by social enterprise, Plain Numbers.
Buildings insurance drops out of FOS’ top five complaints table
Complaints to the Financial Ombudsman Service about buildings insurance were down fractionally at 1,621 in the second quarter as it fell out of the top five most complained about products.
Drop in complaints to FOS but buildings and motor insurance feature in top five
Buildings insurance and car/motorcycle insurance have featured in the Financial Ombudsman Service’s top five most complained about products for the first quarter of the financial year.
People Moves: 18-22 July 2022
Stay informed of the top personnel changes in insurance.
Drop in insurance pricing complaints at FOS
The Financial Ombudsman Service has highlighted a 33.4% fall in complaints about insurance pricing in 2021/22.
Drop in insurance complaints at FOS
The Financial Ombudsman Service has revealed a 26% fall in insurance complaints for 2021/22.
People Moves: 6 - 10 June 2022
Keep up-to-date with the latest job changes in insurance.
Brokers facing 3.2% FCA fee rise as regulator budget grows to £640.1m
The Financial Conduct Authority has proposed that the general insurance mediation pot where brokers sit will pay £31.4m towards its annual funding requirement in 2022/23.
FOS insurance backlog stretched to over 9000 cases
Across financial services the ombudsman had nearly 5000 cases open for more than two years.
News analysis: Is it time for a regulatory rethink?
Regulation is stifling broker competition and innovation according to Biba, as regulators now face a House of Lords inquiry.
FOS plans to increase levy by £10m
The regulatory body will ask firms for £106m as it flags increase in motor and pet insurance complaints but PPI comes to a close.
Opinion: The bad behaviour of the few is heavily borne by the many
The Financial Services Compensation Scheme is unfair and discriminates against best practice says Mike Cranny
News analysis: A question of fair value
Brokers and insurers could face increased scrutiny as the Financial Conduct Authority zones in on fair value. Martin Friel investigates what this means for insurance businesses