Prestige property: Hide-away home s private pleasures scotsman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scotsman.com Daily Mail and Mail on Sunday newspapers.
City watchdog tables proposals to limit fees charged by claims companies
22 January 2021 • 5:00am
So-called “ambulance chasing” claims management companies will be hit with a price cap to limit rip-off fees and save consumers £9.6m a year, under proposals put forward by the City watchdog.
Companies that help consumers fight for financial compensation after being mis-sold loans and investments they did not need will be blocked from taking more than a third of the payouts they win for their clients.
It follows a Financial Conduct Authority investigation into claims firms which found some were scooping up as much as half the redress paid to mis-sold consumers in fees, in some cases leaving them no better off for having made a claim.