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#GeneraI #insurance complaints fall 3%

By 4th January 2016No Comments
FCA reveals that non-PPI general insurance complaints fell to 296,505 between July and December 2015.
General insurance was the third most complained about financial service between July and December 2015 according to figures from the Financial Conduct Authority.
The FCA said GI complaints actually fell 3% to 296,505. PPI remained the most complained about issue with 932,298, up 6% on the previous six months.
Overall there were 2.11m new complaints over the latter half of 2015, a decrease of 1.4%. With PPI excluded the number of complaints was 1.17m.

Christopher Woolard, director of strategy and competition at the FCA, said: “It is positive to see that the longer term reduction in the volume of complaints has continued into the latest period. Firms seem to have taken on board our previous feedback on levels of complaints and we are slowly seeing firms address these issues.
“However, firms still need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”
The total redress paid to consumers fell to £1.97bn between July and December 2015 which is slightly lower than the £1.98bn paid between January and June 2015.

The fall in redress payments was mainly due to a 2% fall in payments related to general insurance and pure protection products, which includes PPI. The regulator said that this accounted for almost 82% of complaints redress payments.
The most complained about firms for general insurance and PPI were:
1. Lloyds Bank PLC 152,149
2. Barclays Bank Plc 136,433
3. Bank of Scotland plc 120,444
4. MBNA Limited 81,377
5. Home Retail Group Insurance Services Limited 54,296
Tim Kelly

Tim is a highly qualified Independent Engineer with over 20 years experience as an Engineering Assessor of damaged vehicles.

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