Rise in Income Protection Complaints by 63%

July 10, 2012 - PRLog -- Financial Ombudsman service has stated that there is above 63% of rise in income protection policies complaints over the last year. FOS latest quarterly complaints data has been published today which explains the details of all types of financial complaints made by the consumers(http://www.ppiclaims.uk.com/). According to the published reports FOS has received 291 income protection complaints from April to June that is much higher of complaints received in same period of last year. Last year FOS had received just 179 complaints.

One FOS official has told that “We have seen an increase in IP complaints, which is predominantly down to the current economic climate. People who have lost their jobs go to their policy and may find the policy does not cover what they thought it covered them for, or else there may be some exclusion in the policy which prevents them from claiming.

However there is fall of 39 percent in overall financial complaints received by financial ombudsman services. It fallen from 80, 711 to 57, 076 in just three months since last June.
More than 50 percent of income protection complaints are just for payment protection insurance(http://www.ppiclaims.uk.com/payment-protection-insurance/) policies. FOS is also receiving critical illness complaints and there is rise in such complaints. It has risen with 234 with 44 percent between April and June. It has received 162 critical illness complaints at the same period of last year.

There is also rise in complaints of whole life income protection policies and risen with 35 percent. It rose to 530 from 393. SIPP complaints are above 19 percent. It was just 108 in last year and now it is 128 with 46 percent upheld. 17 percent increase has been noticed in personal pension complaints. It rises to 405 from 347 and 32 percent upheld. Portfolio management complaints have also risen from 254 to 300 that are 18 percent.
FOS has also mentioned other financial product in their quarterly report. They are working to solve the issue faster.