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Thread: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GOV.UK

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    Thumbs up CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GOV.UK

    This consultation seeks views and further evidence in relation to proposals to: cap the maximum completion fee to 15% (including VAT) for bulk claims (such as mis-sold payment protection insurance claims) with a single lender and cap the overall charge for claims worth more than £2,000 in total to £300…
    Read More -> Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Proposals
    We are seeking views and further evidence in relation to our proposals to;


    - Cap the maximum completion fee to 15% (Inc. VAT) for bulk claims (such as mis-sold payment protection insurance claims) with a single lender and cap the overall charge for claims worth more than £2,000 in total to £300.


    - Introduce a maximum ‘cancellation’ fee of £300 for bulk claims when a consumer cancels their contract with a claims management company after the initial 14 day ‘cooling off’ period.



    - Ban CMCs from receiving or making any financial payment for referring or introducing a consumer to a third party in relation to a PPI or PBA claim



    - Ban any fees where no relationship is found between a consumer and a lender.



    - Ban all upfront fees for all financial claims, where CMCs ask to be paid before any work is carried out.



    - Cap the maximum completion fee to 25% (Inc. VAT) of the final amount of compensation awarded in all other types of financial case.



    The proposed changes would be implemented via changes to the Conduct of Authorised Persons Rules 2014.

    Give Us Your Views

    Online Survey
    Related Documents





    More...
    Last edited by Amethyst; 15th February 2016 at 17:11:PM.

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    ooo we get a mention

    Attached Thumbnails Attached Thumbnails 2016-02-15 18_15_42-Ministry of Justice consultation paper - Consultation CMR Cutting the costs .jpg  
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Quote Originally Posted by Amethyst View Post
    ooo we get a mention

    Excellent.

    It's working then...

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Ahh it's so good... on the surface, still reading though.

    Not sure about the 'voluntary code of conduct' - I always prefer formal - and there's two voluntary codes already that haven't made a lot of difference, being run by the industry itself doesn't work.


    I'm quite looking forward to the Legal Ombudsman's response - are they allowed to respond?
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Quote Originally Posted by Amethyst View Post
    I'm quite looking forward to the Legal Ombudsman's response - are they allowed to respond?
    I don't see why not. FOS responded to FSA consultations.

    I reckon if they land up implementing anything close to this all the big players and many of the medium size players will go leaving the smaller guys who seem to be the best of the current crop.

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Blimey closes 26 Feb? That's my weekend out the window.

    I like your pin shot
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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    I do think there are two sides to that, PPI reclaim fees have always seemed a bit backwards, larger firms should charge LESS as they have the economies of scale.... smaller firms might struggle if the bigger firms just ditch the market, making them not so could thus causing detriment to consumers.

    But really why on earth anyone pays £468 out of a £1000 claim for a company to forward a from you've completed yourself, to a bank, and then on to the Financial Ombudsman... is beyond me. Misleading marketing, non-transparency of terms and fees and all these bloody cold calling firms .... Banning cold calling would be a big step forwards.
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Quote Originally Posted by EXC View Post
    Blimey closes 26 Feb? That's my weekend out the window.
    Noooo that's the FCA one of the time limits for reclaiming PPI - this one has to 11th April.
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Quote Originally Posted by Amethyst View Post
    larger firms should charge LESS as they have the economies of scale....
    Yes but they also have a disproportionaly large marketing/advertising budget, they have to because they rely on volume.

    Oooh we get another mention.
    Attached Thumbnails Attached Thumbnails MOJ.png  

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Quote Originally Posted by Amethyst View Post
    Noooo that's the FCA one of the time limits for reclaiming PPI - this one has to 11th April.
    Phew!

    I like your pin shot
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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Interesting extra ''oh, and while we're here..." question on the end of the consultation

    20.
    Is there a need to consider further fee controls in other regulated claims sectors such as Personal Injury or Employment in future ?
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    Impact Assessments

    The annual benefit to consumers by the cap on completion fees for PPI/PBA claims and banning up-front fees has been estimated at £390m


    There is a potential benefit to consumers, businesses and the Financial Ombudsman if the number of speculative claims and ‘nuisance’ calls reduces.




    And of course.... ( funnily enough @Celestine & I were discussing exactly this consequence earlier )

    There are various risks associated with this option. These include: that the decrease in profits for CMCs will reduce what the regulator collects to finance its operations, meaning it will need extra funding from the MoJ; uncertainty around the volumes of successful claims may mean our estimates of the costs to CMCs and benefits to consumers may be higher or lower than what has been presented in this impact assessment

    CONSUMER AWARENESS ( F*CKIN' 'ELL!!!!)
    There will be a cost to whoever finances the consumer awareness campaign.
    We assume that a campaign will cost the equivalent of the FCA campaign described in their consultation. This would be £21 million annually for two years, costing a total of £42 million
    I'll do it for half lol.

    There is a risk with this option, in that the CMRU may not be in a position to conduct a consumer awareness campaign. Their remit is to protect both consumers and the claims management companies so warning consumers not to use CMCs goes againsttheir directive.
    The proposed cap has been set at 15per cent (In c. VAT) as it provides a better reflection of the level of work typically required to pursue a claim.
    A recent comparison website (lbcompare.co.uk) shows that out of 80 CMCs charging completion fees for PPI claims, 9 charged completion fees at or below the proposed cap. For CMCs dealing with PBA claims, the website showed 2 firms out of 19 charged at or below the proposed cap. This shows that completion fees in this range are viable and would enable the most efficient CMCs to operate and make a profit. Based on subject
    matter expertise the CMRU also believe this level of completion fee is more aligned to the relatively simplistic nature of most PPI and PBA claims
    Attached Thumbnails Attached Thumbnails 2016-02-15 22_13_35-Annex A 1 CMR Impact Assessment Cutting the costs for consumers Financial Cl.jpg  
    Last edited by Amethyst; 15th February 2016 at 21:30:PM.
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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    A brief view from the other side of the coin ( the advisers subject to complaints about PPI rather than the consumers ) http://www.moneymarketing.co.uk/govt...ce-complaints/
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: Cutting costs for consumers in financial claims – Consultations – GOV.UK

    From the Times.


    The financial regulator faces the threat of a judicial review over its proposed deadline for payment protection insurance claims in what could be a huge blow to banks.

    A claims management company has warned the Financial Conduct Authority that unless it tears up its consultation over a two-year cutoff for all PPI claims, which is due to conclude on Friday next week, it will seek a judicial review on the basis of a legal opinion that the deadline might be unlawful.

    The threat comes as banks prepare to set aside billions of pounds in extra provisions for PPI claims alongside their annual results next week.

    The UK’s biggest ever mis-selling scandal has already cost the industry £30 billion.

    The threat of judicial review has come from We Fight Any Claim, which also objects to the FCA’s proposal to allow companies that sold PPI to keep half of their undisclosed commission on sales.

    The Wales-based company said that it would act on the basis of legal opinion it commissioned from Stephen Knafler, QC, a senior barrister who said that the FCA’s actions were “probably unlawful”. He has claimed that the FCA’s plan for a campaign to raise public awareness of the looming PPI deadline was inadequate and a failure of its statutory objective of consumer protection.

    Mr Knafler said there was a lack of detail about the campaign, including whether it would spell out the fact that many PPI policies had exclusions from payment for illnesses such as stress or back pain, some of the most common reasons people are absent from work and therefore might want to claim for.

    He added that the campaign might not reach the elderly and other vulnerable groups, especially as the FCA had already admitted that “a majority of the PPI policies sold have not been complained about” despite the issue being in the news for more than a decade. The FCA’s plan to deal with unclosed commissions, which is the result of a Supreme Court judgment, was also flawed, according to Mr Knafler.

    The FCA has proposed allowing companies to retain half of the fee that they originally charged. That was far higher than the cost of the sale plus a profit, which the authority had put at 16 per cent, Mr Knafler claimed.

    The banking industry has lobbied for a cutoff for PPI claims and accused the claims management industry of making thousands of bogus complaints on behalf of individuals. Last week the Ministry of Justice proposed capping fees that claims companies can charge. Claims firms have taken about £3.5 billion in charges since 2011.

    Andrew Tyrie, chairman of the Treasury select committee, who has been sent a copy of Mr Knafler’s opinion, said: “The FCA should ensure that the programme of work for PPI complaints does not bring detriment, or unreasonable delay, for the consumer.”

    An FCA spokesman said: “The consultation process is designed to encourage all stakeholders to share their views so that they can be properly considered and the right policy put in place as a result.”

    I like your pin shot
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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    I most certainly agree with a minimum cap of around 10% (or less) on CMC PPI reclaim fees.


    Blimey---it’s not rocket science now like when me & Bill & Di had to handhold everybody and check/predict every offer of redress that was applicable

    Now-under the Financial Authority rules everybody must be offered full transparency and be given detailed explanations of redress calculations. Generally (with a few exceptions like MBNA which Bill & others are still pursuing) the banks offer what is due—but even then—with the paperwork that they should have been supplied with, we here on Legal Beagles can still check that it is mathematically correct.


    I commend the Legal Beagles site on being so actively involved with MOJ in raising issues and I see that the new LB Compare site is given due credence in comments by the MOJ.


    A while back, we had an extrovert Solicitor with Videos (can’t remember his name) who was really looking for support and help in the type of sums that me & Bill did before he (the solicitor) submitted his case at court.


    I, to my shame, had my head turned and thought I could be one of a CMC technical support staff and earn a few pennies.


    However, I felt uneasy and almost ashamed on what I was contemplating, so I consulted my most respected friend on the site ( she’s Admin so most of you will know who she is!!)----and after brief discussion she said the nicest thing anybody has ever said to me on the site


    “You are far too nice Turbs to be associated as a CMC”----Awwwwwwwwwwww—(Thnx A**)


    Well done here to you all on LB for playing such a prominent role on the current consultation issues.
    Hope to post further when I have read the PDF’s in detail included earlier in the thread.


    Turbs

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    Bugga

    Forgot to include this relevant quote from the Barclaycard PPI Claim vsite

    A CMC may charge an up-front fee or take a proportion of any payment you may be due. Claims are dealt with in exactly the same way whether they are made by a customer or CMC. They will not be dealt with any quicker by using a CMC.

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    You have given me a brilliant ( in my view) idea Ta muchly xxx ( check the CMC compare page in a couple days )
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    My quote on post 16 was from both the FAQ and the Guidance Notes in filling in their customised (FOS) questionaire

    https://www.barclaycard.co.uk/personal/ppi


    Strategic-guidance-1.pdf

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    Absolutely brilliant Ame----publisizing the free methods of claiming direct from the banks---you are a star!!

    Back in a distant time--me & Marshallka & di30 & Bill had to coerce posters and help them to "pull teeth " to get any information from unresponsive banks--& even had to devise complex spreadsheets to pre-arm posters as to what they should expect

    Thank goodness for the FCA new transparency guidelines and associated handbooks--my only role now is to check out complex cases of discrepancy re unexpected offers.

    Which leaves me much more time to listen to my Adele & Queen music & DVD's--lol

    Turbs



    Quote Originally Posted by Amethyst View Post
    You have given me a brilliant ( in my view) idea Ta muchly xxx ( check the CMC compare page in a couple days )

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    Thanking you kindly - still a few more to add but getting there - Things are much simpler now... amazes me how people still end up with the CMC's. We have come to terms with the fact that people WILL use CMC's so we just have to shove the right informatioon under noses so people make the right (or best) choices.


    Another CMC report out today - it's MASSIVE so will read it tmw properly - quick skim it all looks positive though - https://www.gov.uk/government/upload...view_final.pdf


    Talking about future regulation - one option was to give CMC's to the SRA

    Disadvantages
    10.69
    During the review, it transpired that the SRA (previously suggested by the FCA as a
    potential regulator) are not renowned for taking strong action where detriment caused by CMCs
    has been identified (i.e. in relation to the referral fee ban); it appears that CMC enforcement
    would not be consistent with the SRA’s strategic outlook, and indeed the objectives proposed by
    this review are not consistent with the organisational priorities of the SRA
    so that will be a no then, although CMCs are very closely linked to Solicitors and legal services.
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    Personal accountability for directors - page 32 ( page 36 of the PDF )

    Personal accountability for directors
    5.9
    Stakeholders, including the CMRU, expressed concerns about the ability of the director of a
    liquidated firm to take over another authorised firm without requiring approval from the CMRU.
    5.10
    There are two ways in which this is possible. The first way is by acquiring multiple
    authorisations simultaneously, with the extra companies to be used at a later stage where the
    first business experiences financial difficulties or once the CMRU begins enforcement action. The
    second method – which the CMRU reports is increasingly common – is to acquire an existing legitimate CMC, as a change in company director does not require authorisation from the
    regulator.
    5.11
    Another concern is the frequency and ease with which CMCs re-emerge as a new firm
    following liquidation or insolvency, with some or all of the directors remaining in place. CMRU
    has already taken some steps to tackle this issue, by refusing or otherwise deterring
    authorisations for ‘phoenix’ companies.
    5.12
    These examples demonstrate how authorisation alone is not sufficient to deter or prevent
    unscrupulous business or individuals operating in the CMC sector and suggests that the current
    regime is not robust enough to ensure that individuals suffer the consequences of their actions.
    5.13
    Under the CMRU’s Conduct of Authorised Persons Rules 2014, there is a requirement that
    CMCs ‘shall be directed by people with the necessary competence who must have a working 33
    knowledge of the legislation and rules relating to regulated claims management services’.
    However, the CMRU lacks a legislative mandate to enable these rules to hold individuals
    personally accountable for actions of the firms they control. The rules do not therefore create a
    sufficient deterrent to poor conduct.
    5.14
    A senior managers regime would address these concerns by requiring the pre-authorisation
    of all individuals who perform a ‘controlled function’ for an authorised firm. The controlled
    functions are those roles for a regulated claims management service that have a particular
    regulatory significance. An example is being a director of a regulated firm, or being responsible
    for regulatory compliance.
    5.15
    A robust regime of personal accountability would have several benefits. First, unscrupulous
    directors would be prevented from utilising dormant pre-authorised companies, acquiring
    legitimate CMCs, or establishing ‘phoenix’ companies. Second, it would hold individuals
    personally accountable for the conduct of their firms, providing a proper framework to ensure
    that poor conduct does not go unpunished. Third, it would diminish the likelihood of a firm
    being controlled from behind the scenes, as individuals would be reluctant to be held
    accountable for regulatory breaches.
    5.16
    A majority of stakeholders (including the insurance industry, some in the banking industry,
    consumer bodies and many CMCs) supported a system of personal accountability. Many
    stakeholders explicitly referenced the FCA’s Senior Managers regime as a model the CMRU
    should seek to mirror. The precise design of the regime would need to be subject to more
    detailed policy work and be tailored to the CMC sector, but is likely to include a test of fitness
    and propriety to practice and a requirement to disclose any associations with companies that
    have gone into liquidation.
    5.17
    Some CMCs felt that a senior managers-style regime would be disproportionate, deterring
    new entrants and harming competition, but a leading trade body and some of the largest
    individual CMCs believed this would be a positive step, enhancing professional standards and
    integrity.



    Box 5.B:
    Recommendation 7
    Persons wishing to perform controlled functions for a firm regulated by the CMRU should be
    required to:

    Pass a fit and proper persons test, which will consider honesty, integrity and
    reputation, but also competence and capability, and financial soundness

    Be personally accountable for rule breaches for which they are responsible
    Last edited by Amethyst; 16th March 2016 at 18:59:PM.
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    Thank you very much for you informative post. Please continue by posting this type of post. Thanks again

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    We have submitted a response to this. Quite brief but our honestly held views.
    Attached Files Attached Files
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    Quote Originally Posted by Amethyst View Post
    We have submitted a response to this. Quite brief but our honestly held views.
    ...which included the example of Elkador Finance who despite being under investigation for almost a year didn't have any terms & conditions or any reference as to what their charges were, in breach of the Conduct of Authorised Persons rules.

    They've since been fined £315k but still haven't updated their website.

    https://www.claimsregulation.gov.uk/details.aspx/25535

    http://www.elkadorfinance.co.uk/


    The industry regulator has today also announced that it has fined a company £315,000 for serious breaches of its rules of conduct. Elkador Finance Ltd, based in Bournemouth, failed to prove claimant data was legally obtained, despite clear requirements set by the regulator.
    https://www.gov.uk/government/news/m...aims-companies

    I like your pin shot
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    Default Re: CAP on CMCs -Cutting costs for consumers in financial claims – Consultations – GO

    thanks you please keep us updated

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