subject: Ppi Claims See Government Slam Dodgy Claims Firms [print this page] The UK government has admitted it needs to do more to handle the dodgy practises of claims management firms who are employed in the ppi claims industry.
The major problem appears to be the charges that some claims management firms are charging clients who've been missold ppi and we whole heartily trust this.
Myppiclaims.com was a business leader in setting client fees at 15% which we're feeling is fair and cost effective for the service provided, any more than this we strongly disagree with.
Lord Kennedy raised the matter today in the House of Lords and we would hope that any amendments get pushed to ensure consumers are receiving treatment fairly.
We would also inquire if charges are exposed to excessive will individuals have a right to redress from your claims management firms that have charged them in the first place? As it is not a requirement to have PI Insurance where would this redress come from?
Companies have been censored previously for their advertisements being misleading and charge the client 25% for the privilege of using their service but yet the regulator has still not done anything about the misleading adverts as well as the people that paid 25% like a direct result of this advert so what is the regulator actually doing about it?
The claims market is getting a bad name then one needs to be done regarding it and quickly which we whole heartedly support since this industry is just getting bigger and continue long afterwards ppi claims have completely finished.
Money and Me Claims has written to the Financial Ombudsman because it has concerns inside the mortgage market asking for a meeting but as yet no response may be given but we'll strive to ensure our clients obtain the best possible service and information in the market place.
The organization has also raised difficulties with the FSA regarding the mortgage market particularly how the Financial Services Compensation Scheme FSCS operates in its quest for justice for UK consumers.
The justice minister Lord McNally said today in the home of Lords people are being misled and i believe we will need to take further action which develop comes sooner rather than later for your industry as a whole.
Lord Kennedy was quoted in one article saying The MoJ should be regulating these firms, but by their ability to rip people off by charging up to and including third of someones payout it does not look like they are doing an excellent job.
In our opinion the MOJ includes a very difficult job as the industry has grown with an alarming rate and maybe it is down to the us government to sort this mess to help the UK public from being ripped off any longer and introduce regulation for companies that operate in the ppi claims market.
