99% of complaints to the ombudsman found in favour of the consumer.

Following the entry back in May on the “Claim Revolution” http://www.trumpo.com/blog/business/the-ppi-claim-revolution/

It appears that my prediction was correct;

Insurance Sales

% of complaints found in favour of the consumer;

MBNA 99%

Egg bank 99%

First Plus 99%

Black Horse (LLoyds) 99%

Northern Rock 98%

LLoyds TSB 98%

Capital One 98%

Tesco           97%

The Co-Op  97%

HFC Bank 96%

Royal Bank of Scotland 94%

Barclays 93%

Loans.co.uk (MBNA) 93%

Absolutely staggering! Now I dont actually know how to comment on these statistics, is it a failure of regulation or a failure of banks sales processes/advisers ? Either way the clients are deemed to have not been treated fairly by these banks.

Now in the old days, if these statistics had come to light, the firms would have had to cease trading until all parties involved in the sales process had retrained.

On a more positive note - Sesame, the largest advisory Network in the UK has received a clean bill of health and this should be applauded and shouted from the rooftops.

It’s very sad that it was the banks with their poor practices that got bailed out by the tax payer, and the hardworking advisory community get dumped on from a great height with no support whatsoever.

I would say this report is very clear indication that trusted advisers are the way forward when it comes to insurance sales.

Your shocked Trumpo.

 

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