Claims companies cashing in on the mis-selling of payment protection insurance have been warned they are on the radar screen of the Claims Standards Council.Damning reports have been issued recently by the Office of Fair Trading and the Financial Services Authority over the mis-selling of PPI. Andy Wigmore, policy adviser at the CSC, says there are now 20 specialist PPI claims firms in the market. He says: “We’re concerned about many of these companies but we can’t do much until the regulation of claims firms comes into place early next year. “We have a number of PPI companies on our radar, particular as a lot of them are newly formed.” Brunel Franklin, which is pushing for standards to be raised among claims firms, recently established a specialist no win, no fee PPI claims service called Conkers.com. Ian Alison, corporate relations director for Brunel, says its research shows the PPI market is potentially worth 10bn and as many as 30 million policyholders may have claims. He adds: “The terms and conditions of PPI are incredibly onerous and most consumers will find the paperwork unmanageable.” But Rob Griffiths, associate director at the Association of Mortgage Intermediaries, says: “If a client has a complaint they should first go to the firm they want to complain about.”
Sourcing systems’ total cost tables can be misleading for several reasons and it’s time this issue was resolved, says Alan Selkirk
Dear Delia Alan has owned a manufacturing company for 10 years. He has been trading profitably and requires larger premises. He wishes to buy rather than lease as he does at present.
Affirmative Finance has launched a scheme designed to make monthly repayments more manageable. The easy pay plan defers half of the monthly interest payment until the redemption of the bridging loan. Easy Pay is available for loans secured against both residential and commercial property and applies to both regulated and unregulated loans. A borrower can […]
Brokers and lenders have defended Abbey’s 5 x income product following the lashing the deal received in the national media last week. The product, which offers potential borrowers a loan up to 5 x their income, was announced in the face of 17.3 million first-time buyers being unable to get onto the property ladder. It […]
Advisers need to assume three key roles
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