Name and shame worst offending claims firms, says BSA

clock

The Building Societies Association (BSA) has backed the decision to bring claims management companies (CMCs) under the umbrella of the Legal Services Ombudsman, but wants it to publish complaints data like the financial Ombudsman.

"The matter is urgent as it is clear that the CMCs operating in the Payment Protection Insurance (PPI) sector are generating by far the most consumer complaints, at 74% of the total," said the mutual trade body. "Worse still, the vast majority of these complaints are made against just 15 to 20 firms out of the 1,000 plus authorised in the financial services category. "The BSA would like to know from the Ministry of Justice whether any of these few firms were amongst the 260 CMCs shut down in the last year. If not, why not?" The names of CMCs with the worst consumer complaints recor...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Average DB transfer complainant to receive no compensation

Average DB transfer complainant to receive no compensation

Broadstone’s DB Redress Tracker shows typical redress compensation continues to fall

Jasmine Urquhart
clock 09 January 2025 • 1 min read
Attivo Investments partners with SEI to launch goal-based MPS

Attivo Investments partners with SEI to launch goal-based MPS

Stephen Harper leads the business as CEO

Sahar Nazir
clock 09 January 2025 • 1 min read
Wealth managers drive record M&A surge as UK deals climb 26% in 2024

Wealth managers drive record M&A surge as UK deals climb 26% in 2024

UK wealth and asset management deals rose from 107 in 2023 to 122 in 2024

Sahar Nazir
clock 09 January 2025 • 1 min read