MoJ to protect small IFA firms from claims companies

According to Panacea CEO Derek Bradley (pictured), the MoJ, which regulates the claims industry, had been unaware of the "serious and unintended" impact of these firms on the IFA sector. "There is no general compliance monitoring like IFAs have, and CMCs are really only investigated when complaints about them to the MoJ start to build up," he said. "Investigations can be quite detailed but not in the same way that the FSA may investigate firms. In reality, the MoJ has little control over those CMCs that encourage fraudulent claims." Bradley said he had been reassured by the MoJ's r...