Ministry spurred to act over bank complaints
The Ministry of Justice (MoJ) has launched an investigation into claims management companies after a spate of invalid payment protection insurance (PPI) compensation claims were filed.
Among the firms being investigated are the Claims Advisory Group, The Claims Guys and The Fair Trade Practice, according to the Financial Times.
The MoJ has had many complaints from banks over the soaring number of invalid PPI claims being filed by claims management firms generally, the FT says.
The MoJ is responsible for regulating the claims management industry in the UK. Many claims management firms bombard consumers with adverts and text messages encouraging them to claim.
Last year the British Bankers’ Association (BBA) began to pay large volumes of PPI compensation after losing a High Court battle on the issue.
For more, read our briefing: Why has probe into claims firms taken so long?
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