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FSA reports surge in finance complaints
For the first time ever, the Financial Services Authority (FSA) has published figures showing the number of complaints made to firms in the financial services industry in the 2006-2008 period.
The data has revealed an enormous increase in complaints about banking and loan products, revealing a 122% increase - from 608,620 at the beginning of the second half of 2006 to 1.3 million at the end of the first half the following year.
This included a 259% rise in complaints about overcharging, and a 71% increase in those complaining about poor customer service.
According to the FSA, credit card complaints rose from 73,500 to 151,000 during the period, while complaints about cash ISAs increased more than fourfold to 39,259 from 8,700.
More -> http://www.financemarkets.co.uk/2009/09/03/fsa-reports-surge-in-finance-complaints/
Lloyd's sees opportunity to grow Asian offices
Monaco—Lloyd’s of London is restructuring its direct Japanese platform as part of their policy to grow its Asian business, its chairman said at the Rendez-Vous de Septembre reinsurance gathering.
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“In a few years, Asia will play a much more significant role in our business worldwide,” Lord Peter Levene said in an interview Monday in Monte Carlo, Monaco.
Lloyds, which writes direct insurance and reinsurance in Japan through Lloyds Japan Inc., currently has a limited number of syndicates participating via a binding authority arrangement with coverholders, Lloyds said.
More -> http://www.businessinsurance.com/article/20090908/NEWS/909089989