Ombudsman says five-star ratings have no meaning
Defaqto five-star ratings are “puff” Financial Services Ombudsman Reidy Flynn has ruled, the Guardian reports.
"I do not consider that there is any common agreement as to what the phrase means. In my judgment the term "five-star" has no specific meaning and amounts to nothing more than "puff"," wrote ombudsman Flynn.
The case arose after NatWest travel insurance refused to refund ticket costs hen a Zoom Airlines collapsed.
Defaqto surprised
Defaqto’s said its head of research, Brian Brown said: "I am surprised it has couched it in those terms. Our ratings are independent but do not purport to offer any kind of legal guarantee of what a product may contain. People should check the details."
The Guardian said that if the ombudsman service thinks five-star ratings are meaningless and "puff", it, or another authority, should move to ban them.
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