FOS

CMCs

Complaints to the Financial Ombudsman Service about payment protection insurance increased year on year by 51%, and accounted for 60% of all new cases in 2011/2012.

The proportion of complaints referred to the Financial Ombudsman Service (FOS) relating to independent financial advisers (IFAs) is continuing to fall.

At a summit, a group has called for industry-wide standardization of the PPI claims process to fight "unscrupulous claims management firms," and simultaneously took a side swipe at government inaction.

The Association of Independent Financial Advisers (AIFA) has hit out at "spiralling" fee rises from the Financial Services Authority (FSA), Financial Ombudsman Service (FOS) and Financial Services Compensation Scheme (FSCS).

The Financial Ombudsman Service (FOS) has set its budget for 2012/3 at £191.1m, meaning both the case fee and total levy will be frozen for the third year running.

The Financial Services Consumer Panel (FSCP) said it is "unreasonable" to expect consumers to understand complex financial products and services.

Bupa has become the second insurer to give further clarity about its complaints levels, suggesting providers may want further details to be published by the Ombudsman to put figures into a wider context.

When addressing a client's protection needs, most products deal in the term space. But with people potentially outliving these contracts, Owain Thomas looks to whole of life for rejuvenation.

Which? has urged banks to streamline their payment protection insurance (PPI) claim process or risk exposing customers to claims management companies, after just a quarter of the promised amount of redress was paid out in 2011.