Claim firms go fishing
AMI director Robert Sinclair says: "We have seen claim firms moving into fishing expeditions, which we find a particularly abhorrent practice." According to Sinclair, during these fishing expeditions, firms request all the records held on a particular customer, despite the customer having...
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| Published in: | Money Marketing 2011-09, p.34 |
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| Format: | Magazinearticle |
| Language: | eng |
| Subjects: | |
| Online Access: | Get full text |
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| Summary: | AMI director Robert Sinclair says: "We have seen claim firms moving into fishing expeditions, which we find a particularly abhorrent practice." According to Sinclair, during these fishing expeditions, firms request all the records held on a particular customer, despite the customer having no specific complaint. They bring in customers initially through advertising which claims borrowers may have been missold their mortgage and they can get customers' mortgages written off. Firms then use client files to search for anything that could be brought as a complaint. Policy director Andrew Wigmore says: "It is an exploration of the market, where firms explore other financial products that have been 'missold'." "I think a good IFA who has carried out the full advice process is less likely to receive complaints but the fear is that if we rebuff a complaint, a claim firm might write to us saying 'just pay up, otherwise you are going to have to pay the Pounds 500 FOS case fee'," he says. |
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| ISSN: | 0958-3769 0958-3769 |