PPI CMCs ‘grabbing millions for doing very little’

[EXC]

From today's Times:


''Claims firms have taken £155 million in commission in the past year from people applying for compensation for mis-sold payment protection insurance, according to a Times analysis of some of the biggest players.

Annual accounts filed at Companies House by seven of the largest claim management firms reveal multimillion-pound turnovers made from commission on payments to victims, whereby lenders mis-sold PPI to customers.

The largest of them by turnover last year was Claims Advisory Group which gernerated revenues of £40.4million through its 39 per cent commission on payments made on PPI claims. Its highest paid director earned £254.555 last year.''

[Amethyst]

Re: PPI CMCs ‘grabbing millions for doing very little’

Knew we should have set up a claims firm to rip people off instead of all this helping people for free malarkey.... why didn't I do that ?.... oh yes, I prefer being able to sleep at night.

39% commission !!!!!!! Bloody hell

[EXC]

Re: PPI CMCs ‘grabbing millions for doing very little’

I'm not signed up for the Times online so I'll pick up a copy of the paper for the full article.

[enaid]

Re: PPI CMCs ‘grabbing millions for doing very little’

I bet the majority of Times readers will have to Google PPI, that is unless of course they ran a CMC

[EXC]

Re: PPI CMCs ‘grabbing millions for doing very little’

Full article.

[Fred]

Re: PPI CMCs ‘grabbing millions for doing very little’

Would not surprise me if some of this lot was linked to the banks.

[stephen25000]

Re: PPI CMCs ‘grabbing millions for doing very little’

For those people not aware of it, in January 28 th 2015, repsonsibility for regulation of the CMC's passes to the Legal Ombudsman Service.

About time as the M.O.J. is completely useless, and of course consumers can get redress through the Ombudsman service against the CMC's, which never happened with the M.O.J.