Transparency makes for a fairer personal finance world. Sadly, many myopic financial companies resist it, even though it tends to work in their best long-term business interests.
A few years ago, I remember some financial protection insurance companies crying wolf over plans to get them to disclose details of their claims data. Yet the information, now made available by most (annoyingly, not all) insurers, has helped remove some of the myths surrounding the industry s handling of claims: namely that more are rejected than accepted.
In publishing data showing that claim acceptance rates are often above 85 per cent, the industry has gone some way to restore consumer confidence in its products. Yes, critical illness cover does actually pay out if someone has a stroke. Similarly, income protection insurance will pay a regular income if a policyholder suffers a serious long-term illness.
Banks should publish transfer scam reimbursement rates, says Which? 04/06/2021, 12:04 am
Bank transfer scam victims face a ‘lottery’ over whether they will be reimbursed, says Which? (Tim Goode/PA)
Bank transfer scam victims face a “lottery” over whether they will be reimbursed – and without more transparency from banks people will continue to be treated unfairly and inconsistently, according to Which?
Many firms are not prepared to voluntarily publish their reimbursement data, according to the consumer group, which said they should be forced to.
Which? said it had contacted major banks and building societies, urging them to commit to publishing their reimbursement rates by May 28.