Keith Richards, chief executive of the Personal Finance Society, said the role of claims management can be a valuable consumer service but he has seen increasing poor behaviours and practices emerge, which have not only sought to generate commercial opportunity through the manufacturing of compensation claims through blanket cold calling, but it has also caused consumer mis-trust and confusion.
He said: "Regulation is therefore long overdue and we hope the FCA will provide the reform required to clean the sector up and protect the public from the unethical vulture culture. I am sure the good claims management firms will equally welcome the move."
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emma.hughes@ft.com
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