Insurance is meant to provide peace of mind and vital support for people during what can be some of the worst times of their lives. It's something many of us rely on to protect our homes, pets and holiday plans - and if you're a car owner it's not a choice, it's a legal requirement. But all too often
insurers aren't treating their customers fairly.
Insurers won't change by themselves, but the regulator has the power to hold firms to account.
That's why we're calling on the Financial Conduct Authority (FCA) to get tough with poorly behaving companies. Some insurers are getting away with charging an eye-watering 'tax on being poor' to pay monthly customers. Many who can't afford to pay for insurance annually are being penalised with unjustifiable interest rates.
The entire customer experience - from buying cover through to claims handling - is plagued with issues. Consumers are having to navigate a deeply flawed system - it's time for the regulator to
put an end to insurance firms ripping people off.
Insurers are piling misery onto their customers by causing them 'distress and inconvenience' in nearly two thirds of complaints upheld by the Financial Ombudsman Service.
- Just over a fifth (22%) of consumers trust insurance companies to act in their best interests.
- Almost half (48%) of all people making a claim experienced at least one problem in their claim journey.
- One in 10 people we spoke to reported developing physical health problems as a result of bad service from their insurance company.
Demand action by signing the petition.
