Claims firms to be regulated

payless

Endowment mortgage claims management companies are to be regulated as part of the Compensation Bill which will be introduced to the House of Commons before the end of the year. The bill is part of a raft of proposals to come out of the Department for Constitutional Affairs which will also bring about the regulation of legal services.

Might be a bit late

dunstonh

About time too. Although by the time it comes into effect, endowment mis-sale claims should be reducing and most of these firms will be looking to something else.

No doubt they will focus on VCTs or Home reversion/income plans next so its probably best to get them regulated before they do.

EdInvestor

This change will act as a constraint on financial mis-selling if salesmen know that their ex-colleagues (who know what goes on) have moved to the "other side" and are officially recognised.

It should also bring down costs for people who need to complain.:)

It could even keep people honest.:eek:

But don't hold your breath :rolleyes: