The Claims Management Regulator (CMR) has updated its report detailing its enforcement actions for the period July to September 2015. The report details recent action and live investigations carried out by the CMR.
The CMR state the practice of some claims management companies (CMCs) specialising in financial claims, particularly mis-sold PPI and mis-sold packaged bank accounts (PBA), continue to concern consumers and the financial services industry. In the period between July to September 2015, the CMR took the following action:
- Audited 36 CMCs and warned 10 CMCs engaged in financial products and services claims.
- Continued investigations into 3 CMCs and commenced 1 new investigation.
- Imposed a financial penalty of £570,000 on Rock Law Ltd for coercing clients into signing contracts without giving them enough time to understand the terms and conditions before taking authorised payments.
- Issued specific guidance to CMCs pursuing PBA claims.