Novia warns advisers over claims firm menace

clock

Novia has warned its users that basic errors like failing to use a client's full ISA allowance could lead to legal action from increasingly aggressive claims management companies (CMCs).

In guidance to advisers, sales director Paul Boston (pictured) warned about a number of "litigious pressure points" spotted by the platform. He also cited data released by the Financial Conduct Authority (FCA) last week, showing steep rises in complaints against prominent advisory firms. "Sesame has disclosed an 87% increase in claims over the last six months which it put down to claims management firms," he said. "This is only likely to become ever more prevalent going forward. "It is vital that we all have one eye on mitigating unnecessary business risk, which is one of the four ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Platform functionality: Beware change for change's sake

Platform functionality: Beware change for change's sake

'It's all too easy to end up in the realm of bolt-ons and fripperies'

Steve Andrews
clock 26 June 2026 • 4 min read
Vanguard UK Platform Awards – Last day to vote

Vanguard UK Platform Awards – Last day to vote

Last chance to vote across several categories

Clive Waller
clock 26 June 2026 • 1 min read
Most advice firms only 'somewhat satisfied' with platforms' data

Most advice firms only 'somewhat satisfied' with platforms' data

According to NextWealth’s Data Openness Report 2026

Sophia Panayi
clock 18 June 2026 • 2 min read