Julian Stainton, chief executive of health insurer WPA, has hit out at the Financial Services Author...
Julian Stainton, chief executive of health insurer WPA, has hit out at the Financial Services Authority (FSA) for failing to tackle the real issue of claims, and the Financial Ombudsman Service (FOS) for not being transparent.
Stainton added that his company had also uncovered mis-selling by a well known brand 11 months ago, and in February wrote a letter to John Tiner, chief executive of the FSA, outlining its concerns.
"We have not heard back and do not expect a reply," said Stainton who insisted the company would consider legal proceedings against the company concerned if the FSA refused to act.
Stainton's comments were part of a call for all insurers to publish service standards, thereby providing real information to policyholders. He said that while WPA recognised that there was a compensation culture, the regulator had overcompensated and had addressed the wrong things. Setting up the policy and paying claims are the only things that matter, said Stainton.
He also hit out at the FOS for failing to name companies that have had complaints against them. "The complaints process of the FOS should be transparent and published - exactly as it is with the Advertising Standards Authority".
Stainton said that by making policyholders better informed, they could also then take more responsibility for their own choices.
Anthony Gould is editor-in-chief at Post Magazine
