Article preview: If you have cause to complain about a financial services provider, one option is to use a claims management company. These firms, sometimes referred to as ‘ambulance chasers’, represent those making a complaint – and take a sizeable chunk of any compensation payment as a commission. It is of course entirely unnecessary to use a claims management company in most cases, as the financial services complaints process is designed to make each step simple for the consumer. But for those who do decide to pay for their services, greater protection should be afforded in the future thanks to new rules from the Financial Conduct Authority (FCA).
New rules for claims management companies
This 640 word blog post explains the new rules for Claims Management Companies when the Financial Conduct Authority becomes responsible for their regulation in April 2019. Includes a comment from Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations at the FCA. Written on 17th December 2018.
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