ABI 'understands customers need meaningful complaint information'

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ABI 'understands customers need meaningful complaint information'

Fri 4th Sep 2009

The Association of British Insurers (ABI) has stated that it understands customers' need for meaningful information when it comes to complaints in the financial services industry.

Maggie Craig, the ABI's director of consumer strategy, commented that this data should be fair and not mislead people about companies.

She pointed out that there was one complaint for every 1,200 insurance policies in the UK, but that the data released by the Financial Services Authority (FSA) did not reflect that.

"However, the insurance industry acknowledges that more work needs to be done to improve performance and the ABI is leading the way on initiatives to achieve this," she said.

Ms Craig went on to say that the data published is of little help to consumers, as it does not allow them to compare different companies for different types of insurance products.

The report, which was released this week by the FSA, indicated that the overall number of complaints against firms had gone up by 5.7 per cent between 2006 and 2008.

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