PFS receives influx of complaints about claims management practices

The PFS has uncovered evidence of claims management companies (CMC) issuing blanket calls for cash or escalating complaints to the Financial Ombudsman Service (FOS) without foundation. One adviser, who wanted to remain anonymous, reported that a CMC issued complaints on annuity sales on clients' behalf without checking whether its allegations applied in the client's case. The CMC alleged that a client was not given the open market option of a joint-life annuity or guarantee period when the client purchased a joint-life annuity with a 10-year guarantee period via the open market option...