Regulator spurred into action by Financial Ombudsman Service (FOS) complaints
The Financial Conduct Authority (FCA) is to probe three firms in the general insurance area.
The three yet-to-be named firms are part of a group of 15 financial services companies.
The probe was announced during a speech to the Building Societies Association by Linda Woodall, director of the FCA’s mortgage and consumer lending subdivision.
Complaints issues
In the speech, Woodall said: “The amount of complaints that go to the ombudsman suggests that something isn’t working in the way in which firms manage and investigate customers’ complaints.”
Biba executive director Graeme Trudgill said: “Biba supports the goal of ensuring customers’ complaints are handled swiftly and fairly, and will be working closely with the FCA during this project.
“Biba has previously met with the FCA to discuss its thematic reviews and welcomes its collaborative approach.
“Brokers need not be particularly concerned about this, as they have had tried and tested systems in place for many years.”
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