The Financial Services Ombudsman, William Prasifka, has published his office's latest bi-annual review, covering the period from July to December 2012. The review reveals record numbers of complaints being made to the Ombudsman as the effects of the financial crisis continue to be felt. In particular, there were an increased number of complaints relating to payment protection insurance in 2012. Insurance-related complaints have consistently accounted for approximately half of all complaints received by the Ombudsman in recent years. 4,064 insurance-related complaints were received in 2012, representing an 18% increase from 2011. Of these, payment protection insurance complaints were the most common, accounting for 32% of all insurance-related complaints, followed by motor insurance complaints at 12% and life insurance at 11%. The mis-selling of products was the most common source of insurance-related complaints, accounting for 33% of all such complaints in 2012, followed by the repudiation of claims which accounted for 27% of insurance-related complaints. One of the most striking figures of the review was the massive increase in payment protection insurance complaints. 1,280 complaints were received in relation to payment protection insurance products in 2012, representing a 212% increase from 2011. According to the Ombudsman, these complaints...
Financial Services Ombudsman
|Author:||Mr Joe Beashel, Emily Cassidy and Eoin McManus|
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