How legal firms and CMCs are partnering up to level the financial playing field for consumers
Many would have hoped that the end of the UK’s worst ever consumer scandal, mis-sold PPI, would have meant the end of financial malpractice hitting the headlines.
But despite decades of crises and scandals across the sector, financial institutions still find themselves setting aside provisions and paying out regulatory fines for mistreating their customers.
Life savings have been wiped out in the Woodford investment scandal, taxpayers face footing a £120m compensation bill following the collapse of London Capital & Finance, some short term lenders faced going out of business following a wave of complaints about unaffordable lending and one of Britain’s biggest banking groups were fined tens of millions of pounds by the regulator for misleading insurance renewal customers.
Add in the backdrop of uncertainty caused by Britain’s exit from the EU, the impact of the COVID-19 pandemic plus the growing energy crisis and it paints a bleak financial picture for UK consumers.
Fortunately, the range of organisations who can assist consumers in fighting back against poor treatment and financial detriment is growing – and encouragingly they are now working together more closely than ever before.
Consumers can of course pursue a case for free directly with the financial institutions themselves, and use the Financial Ombudsman Service if they are not happy with the response.
We’ve previously discussed though how the Claims Management industry were vital in recovering tens of millions of pounds in mis-sold PPI, a function they continue to fulfil with mis-sold Packaged Bank Accounts, mis-sold pensions and diesel emissions to name but a few new claim opportunities.
Meanwhile for circumstances governed by law rather than regulatory controls, firms of solicitors provide the legal expertise consumers need to fight their corner and win back what is rightfully theirs.
Two industries, both offering expert insight in their fields, fighting to achieve financial justice for everyday people often against goliaths of the corporate and banking worlds.
The fact that these two industries are increasingly co-operating further boosts consumers’ access to justice and chances of getting back what they are owed - reassuring news for consumers in these difficult times.
By collaborating and sharing their expertise, CMCs and solicitors are breaking new ground in their respective industries and opening up opportunities that would otherwise go unexplored.
Claims Management Companies identify those who may have experienced mistreatment, been subject to poor or pushy sales techniques, or been given bad advice by financial institutions they thought they could trust.
By using their reach to identify these affected customers and facilitating their claims in large volumes, CMCs can provide legal firms with an ever growing number of cases to process.
Solicitors and legal firms then provide the expertise, and in some cases the authorisation, to craft the necessary arguments and bring these cases in front of the correct bodies to obtain the appropriate financial redress.
The Fair Trade Practice are one of the biggest and longest-running Claims Management Companies in the UK, assisting hundreds of thousands of customers to reclaim what was rightfully theirs.
As a firm at the vanguard of our industry we are always looking for innovative new ways to improve, and invite applications for new partnerships to add to the ever-growing list of claim opportunities we offer our customers.
If you are a solicitor or legal firm interested in exploring the possibility of partnering with The Fair Trade Practice, speak to our Business Development Manager Jason Brown in the first instance for an initial informal discussion.
Jason will provide you with further information about us, our partnerships and available opportunities whilst also taking the time to understand more about your business and requirements.
Initial discussions can be held over the phone, via video call or in person to suit your circumstances, and any commercially sensitive information you share with us can be protected by a Non-Disclosure Agreement.
To connect with Jason and get started just click here.