All-party group on insurance and financial services to meet next week
The future of the Financial Services Compensation Scheme (FSCS) will be debated in the House of Commons next week.
FSCS reform – the key demand of Insurance Times’s Fair Fees campaign – is the subject of the next meeting of the all-party group on insurance and financial services, which takes place next Wednesday.
The news of the meeting follows the publication earlier this week of the latest set of Financial Ombudsman Service (FOS) statistics on the number of complaints made against individual firms in the last six months of 2010. These showed that five high street banks account for more than half of the complaints submitted to the FOS, with Lloyds TSB the subject of a greater number than any other company. Many of the complaints relate to concerns about payment protection insurance products.
An Insurance Times analysis (see our exclusive subscriber channel, The Lobby) shows that Lloyds TSB was also the subject of the most complaints (8,378) in the general insurance category.