Buyers say insurance unfair

Consumer Panel research has found a perceived decline in fairness in financial services with particular concerns over complex insurance products and the lack of rewards for loyalty.

Participants wanted to see financial services customers treated fairly with transparent information, responsible marketing, fair pricing and good customer care. Sales processes should be low pressure, tailored to individual needs and there should be convenient after sales service.

The Consumer Panel will be organising a round table discussion in July to discuss the findings of the research in more detail.

Essential services

Adam Phillips, Consumer Panel chair said: "Financial services are an essential part of life so it is no wonder that consumers regard treating customers fairly with such importance. It is very worrying that the public still believe they are not getting a fair deal and that there is a perception matters are getting worse.

“The industry needs to do more to increase transparency, giving customers clear and meaningful information, so that they see an improvement in standards of customer service.

“Government must adequately address fairness in financial services as part of its wholesale reorganisation of regulation. The new Consumer Protection and Markets Authority must learn from this research and from the FSA's successes and failures.”