View more on these topics

Credit Issues backs claims management clampdown

Credit Issues has backed the recent move from the Ministry of Justice to clamp down on misleading statements from claims management firms.

The Ministry of Justice warned yesterday that claims firms that make dubious claims in adverts or leave out important information should face enforcement action.

Credit Issues, part of the Guardian Financial Group, says these issues are tarnishing an otherwise reputable sector.

Lee Lipson, legal services director at Credit Issues, says: “The reality is that this is a highly technical area of law which requires specialist knowledge and expertise.

“This is becoming increasingly apparent as the rash of claims management companies that have emerged thinking this was an easy industry in which to make a quick buck are now learning that without having high level barristers at their disposal it will swiftly turn into a minefield rather than a money pit.”

Recommended

RBS bows to government pressure over bonuses

Royal Bank of Scotland has bowed to government pressure and conceded that there will be no bonuses or pay increases for staff associated with the major losses suffered in 2008.

The curse of hindsight

I had been puzzled how Sir James Crosby, ex- deputy chairman of the Financial Services Authority and the man who was commissioned by the chancellor to rehabilitate the mortgage market, escaped the flak following the fall of his former financial empire.After all as the chief executive of HBOS he had been the principle architect of […]

Advisers must focus on quality

It was long said that the financial services sector would consolidate in 2008 and 2009 but there was scant evidence of this until last week when the Financial Services Authority revealed that some 769 mortgage advice firms have thrown in the towel.

Newsletter

News and expert analysis straight to your inbox

Sign up