Financial Ombudsman Service (FOS)
ABI’s Gurga urges regulators to slash red tape
Hannah Gurga, director general of the Association of British Insurers, has urged the government and regulators to grab Alexander the Great’s sword and slash through the Gordian knot of regulation.
Car and motorcycle complaints hit record levels
Financial Ombudsman Service statistics show a record number of new cases for car and motorcycle insurance at the start of 2024.
Pet insurance complaints hit five-year high
The latest Financial Ombudsman Service complaints data for Q1 has been released, revealing that pet insurance complaints have hit a five-year high.
Changes at the top of FOS as Rachel Lam leaves post
Insurance Post has been informed that Rachel Lam is no longer in her position as ombudsman director of insurance at the Financial Ombudsman Service.
MGA launches with travel insurance for pre-existing conditions
New travel MGA Gigasure plans to develop travel insurance for those with pre-existing medical conditions.
What is truly behind the uptick in travel insurance complaints?
Editor’s View: Emma Ann Hughes argues travel insurers who try to claim 99.993% of holidaymakers are happy with their products and services should reconsider the way they look at customer complaints.
Travel insurance complaints hit highest levels since pandemic
The number of travel insurance complaints brought to the Financial Ombudsman Service has increased by 19% in the last year.
Which? demands action against insurers that are poorly handling complaints
Rocio Concha, director of policy and advocacy at Which?, urges the regulator to hold the insurance firms’ feet to the fire for causing customers unfair delay or distress.
Insurers should stop looking at AI as a cost-saver
Eddie Longworth, the founder of JEL Consulting who launched the Artificial Intelligence Code of Conduct earlier this year, says the insurance industry hasn’t realised the “conundrum” about using AI and the need for talent to operate it.
How insurers can up their claims game
Insurers love to talk about claims exaggeration, but David Worsfold asks: are they guilty of some exaggeration of their own?
FCA warns insurers against subletting regulatory responsibilities
The Financial Conduct Authority’s head of department for insurance market interventions, Caroline Gardner, has revealed the regulator’s concerns about providers keeping an eye on their claims handling partners.
Abby Thomas, Financial Ombudsman Service
Abby Thomas, who joined the Financial Ombudsman Service as chief executive and chief ombudsman in October 2022, wants the industry to get better at communicating.
FCA warns against Tempcover clone targeting TikTok
The Financial Conduct Authority has issued a warning on fraudsters claiming to be FCA-authorised firm Tempcover, claiming to be the short-term insurance specialists on TikTok.
Could the FCA follow the Australian regulator’s claims lead?
After Australia’s financial regulator sent a letter to the country’s general insurance firms asking for improvement in claim handling practices, Vitesse’s CEO Philip McGriskin asks could the Financial Conduct Authority take a similar approach.
Tackling turbulence for pet insurers
The pet insurance market is not short on options - the issue consumers have is understanding the many different choices. With better data though Sara Costantini, CRIF’s regional director for the UK and Ireland, suggests insurers would be better equipped…
FOS expects uptick in complaints in 2024/25
The Financial Ombudsman Service has today announced it expects to see 47,400 insurance complaints, of which 18,700 will be about motor insurance, for the period between 1 April 2024 and 31 March 2025.
FCA to review how insurance claims are being handled
The Financial Conduct Authority intends to check claims handling response times, and whether insurers are doing enough to help customers in vulnerable circumstances.
Big Interview: Rachel Lam, ombudsman director, FOS
Rachel Lam, ombudsman director for insurance at the Financial Ombudsman Service, speaks exclusively to Insurance Post’s Editor Emma Ann Hughes about her work with providers and the Financial Conduct Authority to address the sector’s shortcomings.
Insurers at risk of £1.6bn bill following £386k QBE payout
A loss assessor has suggested an additional £1.6bn may be up for grabs for businesses that have received Covid-19-related business interruption payouts.
Motor insurance complaints hit five-year high
The latest Financial Ombudsman Service data, published today, shows a spike in motor insurance cases caused by valuation disputes, customer service issues, and delays in payouts.
Ghosts of hollowed out policies come back to haunt insurers
Editor’s View: Emma Ann Hughes urges motor insurers to reflect on the error of their essential motor policy-pushing ways, and show the regulator and the ombudsman their willingness to change now.