Nearly 3,000 Insurance Complaints Recorded

As part of its ongoing efforts to enhance direct and effective communication with the public, and provide integrated electronic services that facilitate access to information and resolve issues faced by consumers, the Financial Services Authority (FSA) has announced its annual statistics for consumer protection services in 2024. These statistics reflect the level of interaction with inquiries and complaints from individuals and companies operating across various financial sectors, highlighting the FSA's commitment to delivering quick and effective responses to consumer needs.

The data shows that the total number of requests received by the FSA amounted to 22,544, which were distributed across inquiries, reports, and complaints of various types. This reinforces the role of the FSA in protecting consumer rights and promoting a more transparent and equitable financial environment.

The statistics also revealed that inquiries represented the largest share of requests, with a total of 19,665 inquiries. This indicates an increasing level of awareness among the public about the importance of engaging with the FSA to obtain accurate information regarding financial laws and regulations. Additionally, the FSA received 164 reports, (whistleblowing) a service that allows individuals to report illegal violations or unethical activities that may harm companies, shareholders or the general public. This service can also be used to report activities or the provision of services or products related to the capital market or insurance sector without the required license or approval from the FSA.

Regarding complaints, the statistics show that 2,627 insurance complaints were recorded, which indicates heightened consumer awareness of their insurance rights and their pursuit of the services provided by the FSA. The FSA also received 35 complaints related to public joint-stock companies, 35 complaints against companies operating in the field of securities  and 18 complaints directed against  the FSA itself. These complaints were handled in accordance with the applicable regulations and legislation to ensure the rights of all concerned parties.

It is worth noting that the FSA previously launched the "Consumer Protection Statistics in the Capital Market and Insurance Sectors" electronic service. This service is an online page that is automatically updated based on the movement and activity of the systems and electronic services related to communication with individuals and institutions in these two sectors via the FSA's website. The page includes indicators and data on the details of inquiries and complaints submitted to the FSA, along with the status of their resolution. It also presents consumer protection statistics, allowing the public to view the total number of observations received through the whistleblowing system, and reviews the level of consumer satisfaction with the services provided by the Financial Services Authority.