Speaking at the Building Societies Association conference in Manchester yesterday Martin Wheatley, chief executive officer designate of the Financial Conduct Authority, says claims firms are unnecessary.
He says: “We are happy that everyone is dealing with claims properly.
“Consumers don’t need claims firms but they have been aggressive with their marketing and made extravagant claims so they do need action against them.”
Wheatley says the Ministry of Justice is struggling to find an industry standard to judge such firms.
He adds: “They are a nuisance, a huge nuisance.”