Posted by Robert Cooper on Nov 20 2013
Ombudsman’s report confirms Brokers’ low dispute rate
Statistics recently released by the Financial Ombudsman Service (FOS) reveal that of all the general insurance disputes accepted by the ombudsman during 2012/13, just 0.66% were between small businesses and brokers.
In comparison, there were more than 300 disputes between SMEs and insurers.
This low number could well reflect the quality of advice and guidance broker clients receive. The bulk of disputes involved decisions made by the financial service provider making up two thirds of cases heard by the ombudsman in this category.
These statistics should reassure all brokers that our advice not only helps clients make the right decisions but could also play a role in protecting them from troublesome disputes.
Last changed: Nov 20 2013 at 2:35 PM