Tuesday, August 30, 2011
Nigel Stockton, Financial Services Director at Countrywide comments on the increase in complaintsfrom Claims Management Firms
"Across the industry there has been a significant increase in the level of complaints received from claims management companies, with a large proportion of these claims relating to mortgage PPI and are often unsubstantiated. These companies appear to have one objective in mind - a Financial Ombudsman Service (FOS) referral. They are largely uninterested in our investigation or the outcome; they simply want the case referring to FOS, which costs brokers £500 regardless of the outcome. We put a lot of funding and time in ensuring that we have robust compliance procedures and ensure that our consultants provide the right advice with regular assessments.
"The tactics used by some claims management firms work to the detriment of consumers leaving them with false expectations of their claim. The growing volume of these unsubstantiated claims has increased the cost to brokers in terms of time spent investigating them not to mention the FOS fees. FOS also appear to be feeling the effects with the increased volumes which inevitably the industry pays for in increased FOS levies and timescales.
"Tighter regulation is needed for claims management firms to ensure that qualified individuals are working in this industry with regular assessment and monitoring to benefit both the consumer and the wider business community."
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