Unscrupulous claims management firms are misusing the Financial Ombudsman Service to bully cash out of banks and must be brought under tighter regulation, banking leaders have warned. Banks and the Ombudsman itself have already warned that such firms have deluged the system with claims over Payment Protection Insurance, many of them spurious, and have taken millions of pounds of compensation off unwitting consumers. But this weekend it emerged that firms are using the threat of fees charged by the Ombudsman to demand more from the banks....Read more here--: Banks-demand-action-PPI-claim-bullies