Complaints about insurance products to the Insurance & Financial Services Ombudsman rose by 25% to 334 according to its 2021 annual report.
Ombudsman Karen Stevens says increasing awareness by consumers of the FMA’s focus on conduct and culture in the insurance sector has played a part in the increase, as has the ICNZ’s Fair Insurance Code.
“The introduction of a new regulatory regime for financial advice providers brings together codified principles which have put fairness, ethical behaviour, conduct and client care at the centre of everything they do,” says Stevens.
“The knowledge and experience gained from the complaints made to the IFSO Scheme means that we can work with our participants to improve culture and conduct, harnessing lessons learnt from complaints to provide data and insights, together with offering opportunities for professional development; all of this with the aim of achieving better consumer outcomes.”
Of the 334 complaints accepted by the Ombudsman in the 12 months covered by the 2021 report, 105 were in relation to health, life and disability products, and nine were about financial advisers.