The Financial Conduct Authority (FCA) has fined Professional Personal Claims (PPC), marking the regulator’s first case against a claims management company (CMC) since the sector was brought under its regulatory remit earlier this year.
PPC was fined £70,000 by the regulator after it was accused of using misleading advertising and submitting in part identical complaints for different customers. According to its Companies House accounts, the firm had nearly £300,000 cash in the bank as at the end of January 2019. The FCA said PPC's websites and printed materials prominently used the logos of five major banks, which could have misled customers into believing they were submitting redress claims for mis-sold payment protection insurance directly to their banks, rather than using the company as a CMC to process claims on the...
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