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02/10/2015
Govt To Review Rules Governing Claims Management Companies
A government-backed initiative is to look into an operation of rogue claims management companies (CMCs), which provide bad services and bombard people with nuisance calls.
A call for evidence has been launched for a fundamental independent review of the way claims firms are regulated.
It is understood that consumers, regulators, banks and insurers are concerned that some CMCs continue to fuel speculative claims and create a significant social nuisance through unsolicited calls and texts, misleading marketing and high charges.
HM Treasury and the Ministry of Justice (MOJ) are looking to build on the work of the Claims Management Regulator (CMR) by taking forward a review announced in the Summer Budget.
Justice Minister Lord Faulks said: "The government is taking action to make sure people aren’t having their time wasted or being taken advantage of by the greedy practices of some firms.
"We want to be certain that we are doing all we can to get consumers a fairer deal and rid the industry of rogue behaviour."
The review is being led by Carol Brady, chairman of the Chartered Trading Standard Institutes board, who has begun consulting key stakeholders including consumer groups about what more can be done. She is seeking evidence on how the claims management market is working, what improvements can be delivered through changes to regulation, and where other solutions may be required.
This evidence will be used to assess the powers and resources required for a strengthened regulatory regime and will consider what other reforms may be necessary.
The review is due to be completed by early 2016.
(MH/CD)
A call for evidence has been launched for a fundamental independent review of the way claims firms are regulated.
It is understood that consumers, regulators, banks and insurers are concerned that some CMCs continue to fuel speculative claims and create a significant social nuisance through unsolicited calls and texts, misleading marketing and high charges.
HM Treasury and the Ministry of Justice (MOJ) are looking to build on the work of the Claims Management Regulator (CMR) by taking forward a review announced in the Summer Budget.
Justice Minister Lord Faulks said: "The government is taking action to make sure people aren’t having their time wasted or being taken advantage of by the greedy practices of some firms.
"We want to be certain that we are doing all we can to get consumers a fairer deal and rid the industry of rogue behaviour."
The review is being led by Carol Brady, chairman of the Chartered Trading Standard Institutes board, who has begun consulting key stakeholders including consumer groups about what more can be done. She is seeking evidence on how the claims management market is working, what improvements can be delivered through changes to regulation, and where other solutions may be required.
This evidence will be used to assess the powers and resources required for a strengthened regulatory regime and will consider what other reforms may be necessary.
The review is due to be completed by early 2016.
(MH/CD)
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