FCA slams claims management companies for making up cases under fictitious names

Industry News | 07/06/19

The Financial Conduct Authority (FCA) has warned claims management companies (CMCs) to clean up their act after it found an increase in problem cases, including those made-up under fictitious names or without customer consent.

The regulator is cracking down on the industry through its Dear CEO letter, highlighting a range of concerns with honesty and integrity of operations a key theme throughout.
Earlier this year the Financial Services Compensation Scheme (FSCS) revealed it has been bombarded by a substantial number of mortgage advice mis-selling claims from one CMC with little or no evidence.

Source: Your Money