There are certain stereotypes about particularly professions. We think car mechanics are going to rip us off making unnecessary repairs to things you haven’t got a clue about; we think builders will cheat us out of more money by making that extension span out into six months rather than two.
And now, especially in light of the nationwide mis sold payment protection scandal, we think banks are capitalising on financial jargon to make us part with more money for insurance products we don’t need, want or can even use!
If the banks are going to repair their reputation after millions of payment protection insurance policies were mis sold when customers took out a credit card or loan, they must improve communication and product information.
Income protection provider, Unum, supported by the Plain English Campaign, has commissioned research examining the consumer’s ability to understand product information in the financial sector, yielding unsurprising results.
Almost half of the 2,016 consumers questioned said they “found insurance product information difficult to understand”¹.
A spokeswoman for the Plain English Campaign said:
“…we have received a lot of complaints from consumers who have found product information difficult to understand.
“The problems surrounding payment protection insurance have created a lot of negativity and this needs to be addressed.”¹
The Plain English Campaign is currently working with Unum to produce an insurance guide for consumers.
¹Insurance Age (Aug 2011)
Content correct at time of publication