Staveley Head

Staveley Head

March 08, 2010 07:09 ET

Edelmans Publish 2010 Trust Barometer-Do You Trust Your Insurance Company?

FLINT, UNITED KINGDOM--(Marketwire - March 8, 2010) - Edelmans, one of the foremost public relations companies in the world, has published its 2010 Trust Barometer after surveying thousands of middle-class consumers regarding their feelings about businesses, the media, Government and other major institutions, with some surprising results.

Staveley Head, one of the country's leading van insurance providers, expressed disappointment at the findings.

The insurance sector trailed third from bottom of the table as far as the well informed British public is concerned, being only slightly more trustworthy than the media and banking institutions. Just 31% of those surveyed said they trusted the insurance sector, and an even less impressive 21% said they trusted banking organisations. In the ten years that Edelmans have been producing their annual report insurance has always registered towards the bottom of the rankings.

A spokesman for Staveley Head said "The Financial Services Authority (FSA) commenced regulation of the insurance industry, as well as the banking sector, in January 2005. It has imposed stringent practices and conditions on all insurances companies and brokers alike, and there are severe penalties for those who fail to comply with their requirements."


"The FSA expect insurers to act with transparency and to treat customers fairly and woe betide those who fail to do so. They are expected to maintain strict financial, accounting and solvency procedures and to make these available to the FSA at six monthly intervals. Any customer who is dissatisfied with the treatment received from an insurance company or broker is encouraged to seek reparation by requesting an investigation of the circumstances by the Financial Services Ombudsman. In the last five years the insurance sector has really put its house in order and it's sad that the public still feel this way. Possibly it is an historic attitude and it will take some time to convince the public otherwise."

The spokesman went on to say "We can understand the public's distrust of the banking sector in view of their conduct and performance over the last few years and the detrimental impact that has had on just about everybody. But we hope people won't continue to tar all financial institutions with the same brush."

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