The Building Societies Association (BSA) has called for increased action against claims management companies (CMCs) after witnessing a huge increase in complaints.
The BSA said bogus claims regarding mis-sold Payment Protection Insurance (PPI) have rocketed in the past six months, up 247%. The Ministry of Justice (MoJ) recently announced it was targeting the sector, but a recent poll by IFAonline's sister title, Mortgage Solutions, suggested the mortgage industry is sceptical about its ability to crack down on fake claims. Now the BSA has called for the MoJ to be given greater powers, saying that the mutual sector does not believe rogue CMCs will comply with existing legislation. The BSA says its members are still being burdened with time-con...
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