Kevin Carr looks at five key developments in the world of protection in June...
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Complaints
More than a quarter-million formal complaints to the Financial Ombudsman Service (FOS) were made in 2011/12, the service reported in its latest Annual Review. In total, the FOS also handled over 1.2m frontline enquiries and complaints - more than 5,000 every working day.
Most complaints (60%) were about payment protection insurance, which has now become the most complained-about financial product ever, making up 25% of all complaints received by the FOS since it was set up (mortgage endowments are second, on 21%).
Our protection detective assesses five developments in the industry in June
Complaints about Income Protection and Critical Illness Cover also increased, perhaps linked to events in the PPI market where third party firms are trying their luck with other product types.
Complaints are likely to go up in tough economic times, but the rises in IP and CI complaints are both disappointing and surprising when overall the industry is perceived to be making many improvements. VERDICT: Back to the lab
Aviva gets healthy
Aviva has launched a healthy living Facebook app as well as a stress management mobile app, which rates users' health and allows them to compare scores with friends and family, before providing them with advice and goals on how to become fitter and healthier. VERDICT: Promising lead
Kevin Carr is chief executive of Protection Review and managing director of Kevin Carr Consulting. www.protectionreview.co.uk
www.kevincarrconsulting.co.uk
