Complaints Management Companies (CMCs), now regulated by the FCA, have spurred a big jump in SIPPs complaints with the number almost doubling to 3,811 in the last financial year, up from 2,000 in 2017-2018.
Experts have cautiously backed a new regulation regime which will see the FCA oversee claims management companies (CMCs), so called ‘ambulance chasers’, but say there is no time for complacency.
The FCA began regulating the claims management industry from today.
The FCA has revealed more than 600 so-called ‘ambulance chaser’, or claims management companies (CMCs), have registered with the authority.
The SIPP sector is facing up to a growing threat from ‘ambulance chasers’ – litigation claims firms trying to encourage clients to make complaints.
Xafinity SIPP Services has reported strong annual growth with assets under administration hitting £2bn but warns that the SIPPs sector is standing on a “precipice.”
The FCA is set to take over regulation of claims management companies and estimated the cost to be in the region of £17m.
The AMPS conference in London yesterday featured a warning on the increasing proliferation of ‘ambulance chaser’ companies seeking to press claims against SIPP providers.
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