Our Profession

5th March 2009

Update on Claims Management Activity

Claims Management Companies (CMCs) have been operating in the financial services arena for some time.  However, recently many members, in particular those operating as mortgage intermediaries, have experienced increased speculative activity by CMCs and this has become an area of significant concern.

With our profession facing extremely challenging and tough times, AIFA do not want to see our members unjustifiably battling with CMCs on a daily basis.  In particular, such practices by CMCs as ‘scatter gun’ complaints and the recruitment of brokers are things members should be aware of.

Members who have been contacted by CFCs, or have any concerns regarding CFCs, should contact AIFA on the members’ technical helpline for guidance on the registration requirements of CMCs.  

20th September 2007

Complaints Management Firms

AIFA has been lobbying to have “complaints management firms” (so-called “Ambulance chasers”) regulated in order to stem the unethical practices operated by rogue elements.

Having worked closely with MPs across the political spectrum, the Bill to regulate these firms received Royal Assent and will come into effect in 2007.

A new regulator, under the leadership of Mark Boleat, has been established and will take a pro-active stance in cleaning up the market. AIFA has been deeply involved in this process and it is a real “win”.