In response to the Financial Conduct Authority’s review into mobile phone insurance, Which? executive director, Richard Lloyd, said:
“This report from the Financial Conduct Authority exposes poor practice at every stage of the consumer journey. Mobile phone insurers are too often relying on technicalities buried in the small print to reject legitimate claims and are then failing to deal adequately with consumer complaints.
“Mobile phone insurance could be a good idea for those with a valuable handset, but the industry needs to show real improvement before consumers can have full confidence in the product. For anyone considering this cover, it’s vital to shop around and read the small print first, as well as checking their home insurance policy as it may offer the same cover at a lower price.”
The report ‘Mobile phone insurance – ensuring a fair deal for consumers’ follows an investigation by the FCA into the mobile phone insurance market.
We welcome the FCA’s focus on problem areas and hope that this will be the start of an improved insurance market that works for consumers. We want insurance policies to be written in plain English with key policy conditions clearly summarised.
Statement: Personal Finance