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Unscrupulous claims management companies face new rules aimed at preventing them from unfairly cashing in on compensation payments. Firms in England and Wales must now get written agreement from clients before pursuing claims and charging a fee. Many have been randomly phoning and texting possible mis-selling victims, then signing them up on the basis of a verbal agreement. This mostly affects payment protection insurance (PPI) mis-selling claims.
Unscrupulous claims management companies face new rules aimed at preventing them from unfairly cashing in on compensation payments. Firms in England and Wales must now get written agreement from clients before pursuing claims and charging a fee. Many have been randomly phoning and texting possible mis-selling victims, then signing them up on the basis of a verbal agreement. This mostly affects payment protection insurance (PPI) mis-selling claims.....Read more here
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Claims management companies (CMCs) will have to notify customers if they are sanctioned by the regulator as part of a clampdown on bad practice in the sector. CMCs will have 14 days to inform their customers if the Claims Management Regulator suspends their business or imposes restrictions on it. The measure is one of several new rules for CMCs which come into force this summer, in response to consumer concerns that the industry is plagued by poor business practices.....Read more here