FOS boss says CMCs rip off consumers

Financial Ombudsman Service (FOS) chief executive Natalie Ceeney has slammed claims management companies (CMCs) for ripping off consumers.

Ceeney said that many CMCs gave no value to their customers over mis-sold payment protection insurance (PPI), according to the Metro.

Some CMCs simply take a complaints form from their customers and send it to a PPI mis-seller without adding anything to the document.

She said: “It’s a standard form. They ask someone to fill it out and they put a stamp on the envelope.

“The best thing we can do is hear from the consumer in their own words.”