While the protection sector focused on mental health as never before over the pandemic, it needs to be alive to the challenge posed by the Money and Mental Health Policy Institute’s application for designation as a super-complainant.
This is according to Peter Hamilton, head of market engagement at Zurich, (pictured) who succeeded Johnny Timpson as disability and access ambassador for the insurance sector last year.
Last week the Treasury revealed it had received an application from the Money and Mental Health Policy Institute to be designated as a super-complainant to the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR).
Should the charity be granted this status it would be given the right to make a “super-complaint” to the regulators where they consider that there are features of a market that are or which may be significantly damaging the interests of consumers.
The charity told Health & Protection that while its application is not related to any specific issue, it is currently carrying out research on people with mental health problems’ experiences of buying insurance, and how to make the industry work better for consumers.
And Hamilton told Health & Protection he believed that the charity’s application does not have an immediate impact on the protection market.
“The essence of super complainant status is that an appropriately representative (and accredited) body can highlight why in its view, a UK market for goods or services has a feature or a combination of features that is or appears to be significantly harming the interests of consumers and should therefore be investigated. They would be looking, rightly, at potential harms across the industry, and not specifically protection. At the moment there is an application for super complainant status, rather than the filing of a specific ‘super complaint’ in respect of protection (or any other area).
“It’s good that we have bodies like Money and Mental Health Policy Institute’s actively looking out for potential harms. Within the protection world, we’ve had a focus on mental health as never before over the last two years.”
Hamilton added that the sector can also point to the work the Association of British Insurers have carried on mental health standards, on language and training.
“And most market participants will have put in place enhanced processes, protocols and signposting in recent times, where mental health challenges have been exacerbated by the pandemic,” he continued. “We’ve seen much more proactive support through the development of ancillary wellbeing services in the group and retail protection markets, and societally I believe we’re seeing reduced stigma and greater empathy.
“All that said, there will always be more we have to do, and we need to remain very open to any challenge, from the Money and Mental Health Policy Institute’s and others, and to look continually to make our services, products and careers more accessible to all.”