News
04/07/2011 - FSA investigations into specialist products
The FSA is preparing a clampdown on specialist products following latest figures which shows an alarming rise in complaints against the insurance market. Complaints against specialist insurance products in general rocketed 66% to 1,791 last year.
Mobile phone complaints took up around half of the 1,791 complaints against specialist products. Concern is shared among customers who are being pressured into buying the products, only to later find that they were never eligible to claim or were already covered by another insurance product.
The FSA has raised this issue with a number of brokers, especially those operating in personal lines, during recent visits.
(Source – Insurance Times, 20th-26th May 2011, pg 5)
