Filed under Finance insurance by Matt | 0 comments
Some insurers and financial advisers are failing to treat their investors fairly, according to the City watchdog.
The Financial Services Authority (FSA) said insufficient advice and “variable quality” after-sales service was being given to finance insurance policyholders.
In zuerich insurance finance, the FSA was worried that after-sales literature was jargon-heavy and missed out key banking finance insurance job uk.
The FSA warned insurers and financial advisers to up their game or face insurance premium finance software action.
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Poor after-sales information for these and other policy types makes it harder for consumers to understand the performance of their policies
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With-profits are one of the most widely held of investment types.
There are some 32 million with-profits policies currently in force.
With-profit funds invest in the stock market but smooth out investment returns by holding back money made in good years to pay out in bad ones.
Literature letdown
Crucially, the FSA found that many policyholders no longer had access to the adviser who sold them the policy in the first place.
As a result, they have to rely on post-sales literature from the insurer.
Often this literature is not up to scratch, the FSA said.
“Poor after-sales information for these and other policy types makes it harder for consumers to understand the performance of their policies and the product features they have paid for,” Sarah Wilson, director and insurance sector leader at the FSA, said.
“Senior management in both insurers and advisory firms need to re-examine their existing approach and, where necessary, implement changes,” she added.
Read source of it on the News - Watchdog warns over with-profits site
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