Forty five per cent of mis-sold complaints are from claims management companies, who appear to view mis-sold victims as a verdant source for fees.
The National Audit Office has disclosed that the Financial Ombudsman Service handled more mis-sold claims from claims management companies than individual consumers in the previous year.
A new report from the Comptroller and Auditor General pin points certain areas where claims management companies have become more active in recent years. These areas are mortgage endowments, payment protection insurance, bank charges and credit card charges.
The percentage of claims received from CMCs has increased from 18per cent in 2007 to 45 per cent in 2011.
Claims management companies have not created mis-selling, yet they have exploited this situation aggressively and massively to their commercial advantage, to high fees and unfair contract terms.
Mis-sold Mortgage Claims > Mortgage News
45 Per Cent of FOS Mis Sold Complaints from Claims Management Companies
Tue, 24 Jan 2012
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