Which? responds to FCA warning to insurers over treatment of struggling customers

Rocio Concha, Which? Director of Policy and Advocacy, said: 

“It’s extremely concerning to hear that some insurers are breaking the regulator’s rules when it comes to treating customers, including vulnerable ones, fairly. 

“Yet while concerning, these findings aren’t particularly surprising. Recent Which? research found that one in three home insurance customers were forced to chase their insurer over a claim, and figures from the Financial Ombudsman Service show that car and buildings insurance are among the top five most complained about financial products. 

“It’s clear from these findings that parts of the insurance market aren’t currently working for consumers. For it to be properly effective, the FCA’s new Consumer Duty must be backed by tough enforcement action for firms who fall below the required standards, and the regulator should consider naming insurers who have carried out bad practice so consumers can work out which companies are most likely to offer a good service.”

-ENDS- 

Notes to Editors 

Which? – One in three home insurance customers chasing providers over claims, Which? survey reveals

Statement: , ,