Rock Law Swansea

[Superdude]

Looks like they chucked it in affer being stiffed for £500,000 by the Regulator.

https://www.claimsregulation.gov.uk/...y=-1&status=-1

[Kati]

Re: Rock Law Swansea

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Business Details
Business Name: Rock Law Limited
Address: Suite A Floor 2 Princess House
Princess Way
Town/City: SWANSEA
Postcode: SA1 3LW
County: Abertawe

Trading Names: Rock Law
Sector: Financial products/services
Status: Authorisation Surrendered


As a result of an investigation, the Claims Management Regulator has decided to impose a financial penalty of £567,423 on Rock Law Limited.

Rock Law Limited was found in breach of the following Conduct of Authorised Persons Rules 2014:

General Rule 1 - A business shall conduct itself with honesty and integrity.

General Rule 2d) – A business shall conduct itself responsibly overall including, but not limited to acting with professional diligence and maintaining appropriate records and audit trails

General Rule 5 – A business shall observe all laws and regulations relevant to its business.

Client Specific Rule 1c) - A business shall ensure that all information given to the client is clear, transparent, fair and not misleading.

Client Specific Rule 11 - A contract between a business and a client must be signed by the client and the business may not take any payment from the client until the contract is signed. The standard terms and conditions of any contract must be clear and also published prominently on the business’s website (where a business operates a website). The business must provide the client with the following information in writing or electronically before a contract is agreed: –

a) Honest, comprehensive and objective written information to assist the client to reach a decision including the risks involved in making a claim, in particular the possibility of losing money and, in the case of legal action, appearing in court.

b) The services that will be provided, in a way that does not misrepresent, either by implication or omission, any term or condition or by whom the service will be provided.

c) The procedures that will be followed

d) Contracts, including for insurance or loans, that the client will be asked to agree to.

e) Any charge the business makes. Where this is a percentage of compensation payable, the percentage must be indicated together with a typical example of the actual cost in pounds, or more than one example if the business makes differential charges.

f) Any referral fee paid to, or other financial arrangement with, any other person in respect of introducing the claim.

The Claims Management Regulator has also decided to vary Rock Law Limited’s authorisation to provide claims management services under the Compensation Act 2006 with effect from 16 October 2015.

The following conditions will be effective from 16 October 2015

1. Rock Law Limited must not enter into a legally binding contract with, or take payment details from, clients within 24 hours of the initial sales call, and the provision of pre-contract information to a client.

2. Rock Law Limited must record all calls with clients and prospective clients.

3. All call recordings must be retained by Rock Law Limited for a minimum period of six months.

[EXC]

Re: Rock Law Swansea

Yep the old 'surrender the authorization' move so MOJ no longer have any jurisdiction over them.

It makes the statement by Lord Faulkes ring rather hollow:

“Claims management companies should be in no doubt that they must abide by the rules''

http://www.credittoday.co.uk/article...anagement-firm

[Superdude]

Re: Rock Law Swansea

A phyrric victory for the MOJ or perhaps finacial penalties are effectively 'back door' cancellations?