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July 23, 2014 
Daniel Lee The Ministry of Justice, through its Claims Management Regulation (CMR) unit is directly responsible for regulating the activities of businesses providing claims management services within England and Wales.
All regulated claims management companies (CMCs) are required to comply with certain conditions of authorisation which are set by the Regulator. Non-compliant claims management companies can face statutory enforcement action which can lead to the suspension, variation or cancellation of their authorisation.
During the 2013/14 regulatory year, Your Money Claim was audited by the CMR unit and was found to be compliant with their conditions of authorisation.
During the same period, 198 regulated claims management companies had their authorisations cancelled, 2 were suspended and 1 had the terms of their authorisation varied.
Indeed, since 2011, the total number of claims management companies has dropped by more than 1,000.
The regulator regularly issues press releases of it’s findings.
Furthermore, and to ensure that the claims management industry delivers the best possible results for its clients, the CMR unit has recently recruited even more enforcement staff and introduced a more stringent set of conduct rules for claims management companies to follow.
And who, might you ask, pays for all this?
Not the taxpayer… all of these increases have been funded by the claims management companies themselves through an increase in their annual fees.
Your Money claim considers this to be good news for the industry and we welcome continued action from the CMR to remove licences from companies with poor practices.
We do not believe that rogue claims management companies should be allowed to plague hard working people and waste their time, bombarding them with unwelcome calls and misleading information.
It’s not fair that the poor firms out there are sometimes able to tarnish the image of good CMCs so it’s nice to see the regulators clamp down where needed. If only we could see the same kind of regulatory action against banks and lenders for their part in the biggest financial scandal ever to hit the UK. We’ll keep our fingers crossed, but unfortunately we don’t think action will be forthcoming any time soon.
So, if you have been the victim of the Payment Protection Insurance (PPI) mis-sale scandal, and want to ensure that your claim will be dealt with by a compliant and professional claims management company, you need look no further.
Claims Management Companies
November 7, 2015 Daniel Lee We’ve recently brought in Jake Oates, our new Head of Online Marketing and Digital Strategy. As you may have already seen, we’re interviewing some of our staff here at Your Money Claim in order to give you guys a bit more of an insight into the business, how we run things and so that you can see we’re a friendly bunch! So, here goes!
Your Money Claim: Hi Jake, so how long have you been here at Your Money Claim now?
Jake Oates: It’s coming close to two months now.
YMC: For you personally, what is the best part of the job?
JO: To keep it simple, it’s being trusted.
YMC: Excellent, that’s what we like to hear! So, in the short time you’ve been here, what’s your biggest achievement?
JO: Well, it has to be almost doubling the traffic to the site in my first full month here.
YMC: Briefly, what’s your experience in Online Marketing?
JO: I’ve been in Online Marketing for close to 5 years now and started as an apprentice for an agency near me in Preston. I’ve since worked for Thwaites Brewery’s chain of Hotels, Shire Hotels on their marketing team and another agency in Preston.
YMC: Interesting, sounds like you’ve got a lot of experience. So then, what is your favourite day of the week?
JO: Monday is by far my favourite day of the week; starting a fresh week at work and all that good stuff. Yeah!
YMC: If you could spend 24 hours with anyone in the world, who would it be and why?
JO: That’s a tough question. It would either be Rosie Huntington-Whiteley or Eminem. Probably Eminem, I don’t think I’d be allowed to state my reasons for Rosie and I feel like I’d sit for hours and ask Eminem hundreds of questions and not get bored. He really intrigues me.
YMC: Interesting. If you could do anything once, and only once, what would it be and why?
JO: I’d go cage diving with sharks, or just diving with sharks. That’d be pretty exhilarating and something I think I’d only be able to manage once.
YMC: That sounds like fun, think we’ll pass though. If you received a £50,000 PPI compensation award, what would you do with it?
JO: I’d definitely buy myself a new Ford Fiesta ST, I like a bit of fun. I’d also go on a holiday then put the rest in savings and use it for a house deposit in a few years’ time. Maybe treat my parents too.
YMC: Ah, sounds like you’ve got a good plan for that unexpected windfall! That’s a wrap anyway, Jake. Thanks for your time. Now you can go back to fixing the internet, or whatever it is you do.
...
July 10, 2014 Daniel Lee
How long have you worked at Your Money Claim?
Just over a year now.
What is the best part of the job?
That’s easy, being able to tell people when we’ve secured an offer of compensation.
And the worst?
Seeing the tactics employed by banks and lenders on a daily basis. It was a real eye-opener when I started, seeing just how far they will go to avoid doing the right thing. I’ll never trust a bank again. Thankfully, with each tactic they try we are able to overcome them. It’s nice beating the banks!
What advice would you give to customers?
Try to remain patient really. Also, don’t discuss the case with the lender as they may well try to trip you up to get out of paying compensation. Just remind the lender that we are dealing with the case.
Why would you recommend people use Your Money Claim?
As I mentioned before, we know the tactics the banks use, and we know how to beat them. It has become clear to me during my time here that using a good Claims Management Company is helpful when dealing with lenders.
What is the biggest claim you have dealt with?
Hmmmm, I’ve had a few that have been over £30,000 which has been nice. I’m not entirely sure what the biggest one is that the company has dealt with. (The biggest PPI claim ever is over £100,000)
Finally…..a little more about you…
What is your favourite day of the week?
Monday’s as it’s the start of a new week at work…..my boss told me I had to say that!!!
If you could spend 24 hours with anyone, who would it be and why?
Adolf Hitler. I’d ask him why he was so angry! I’d really interrogate him.
If you could do anything once, and only once, what would it be?
Be vegetarian…….for about an hour!
If you received £50,000 compensation for a PPI claim, what would you do with the money?
I’d put a deposit down on a house and then go on holiday.
Who is your favourite co-worker, and why?
Laura, she’s hilarious.
Who is your favourite director, and why?
(Laughs)(sniggers)…I can’t believe I’ve been asked that question! I like them both equally (laughs again)!
Thanks Lucy
July 29, 2015 Daniel Lee Recent statistics suggest that up to 7 million people have yet to make a claim regarding the huge PPI mis-selling scandal.
The biggest financial scandal to hit the UK has some way to go before justice is done.
With at least £10 BILLION in compensation yet to be claimed the banks and lenders are sitting back quietly hoping that people with valid claims don’t come forward.
There could be many reasons. People lead hectic lifestyles, perhaps more than ever, and have just not got round to making their claim.
However, I believe the biggest factor as to why people have yet to claim is the simple fact that they are unaware they have been sold PPI.
On a daily basis Your Money Claim receive enquiries from customers across the UK who are unsure as to whether they’ve had PPI.
Thanks to the experience and expertise gathered over many years of handling such enquiries, Your Money Claim are able to carry out quick checks with lenders to establish the facts of whether PPI has been mis-sold, and best of all, Your Money Claim carry out these checks for free.
With an approximate 34 MILLION PPI policies sold since 2001 we can estimate that up to 7 million people have yet to make a claim. How do we arrive at this figure?
Ok, here goes….!
Banks generally reject half of all PPI complaints initially, the vast majority of which are rejected incorrectly by the way.
In instances where banks have rejected complaints, the Financial Ombudsman Service (FOS) are on hand to deal with the complaint if a customer is unhappy with the banks rejection.
I have done a blog regarding this. Unfortunately, only 1 in 10 customers currently escalate their complaint.
Therefore, with the FOS now stating they’ve dealt with over 1 million complaints, we can assume a further 9 million have been rejected by banks and not escalated.
This takes the figure to 10 million, and if we add into the equation that banks tend to make offers on around half of complaints, we can double the 10 million and arrive at a figure of 20 million.
That leaves around 14 million policies left where a complaint hasn’t been made yet, and with the average customer having had two PPI policies sold to them, we can estimate that 7 million people are yet to stake their claim for compensation.
Your Money Claim have made the whole process simple and stress free. Moreover, Your Money Claim are regulated by the Claims Management Regulator in respect of regulated claims management activities.
7 million
October 13, 2015 Daniel Lee Another new mis-selling scandal for the banks, especially the Lloyds Banking Group to deal with could be hitting very soon. This scandal centres on interest rate protection products which are more commonly known as swaps.
It’s said that this scandal could be a “bigger problem” for the banks than the payment protection insurance (PPI) scandal which has so far seen them pay out billions of pounds.
The Independent conducted this investigation into yet another mis-selling scandal and it could easily derail the Government’s plans to return the entire Lloyds Banking Group to private ownership before the general election.
The investigation into the potential liabilities of the British banks incurred from the mis-selling of interest rate protection products which, as we mentioned earlier are more commonly known as swaps, has found that the pay-outs could match, if not be more than that of the PPI scandal which hit the country around 2008 and has so far cost around £22billion.
The investigation also found that Lloyds’ exposure in this scandal could cost them an estimated £5bn and it could also hit other UK banks in a similar way.
Lloyds aren’t the only bank that could be hit hard by this. There’s a number of other banks like HSBC, Natwest, and the Royal Bank of Scotland to name but a few. It would seem that there’s no one in the banking word that is safe from these scandals these days.
Until now, the scale of the scandal has been limited to interest rate hedging products (IRHPs) which have been sold mainly to both small and medium-sized businesses.
There are clients which are considered to be more “sophisticated” than others, i.e. those with swaps valued above £10m or those companies who employ 50 or more staff. These are the companies who could possibly push the cost to the banks up from £5bn to quite a lot more.
The Independent, along with a number of analysts in the City who can’t be named or identified for legal reasons, examined a number of high value claims which were excluded from the Financial Conduct Authority’s recent review of mis-selling.
Speaking on the findings, one analyst said: “This is potentially a bigger problem for UK banks than PPI. Profits from PPI sales somewhat offset the £22bn the banks were forced to pay out in compensation. But profits on swap derivatives could be dwarfed by high settlement costs.”
None of this looks very good for the banks or the Government with the election fast approaching and with yet more money set to be paid out due to another mis-selling scandal this could really dent the current Government’s trust in the banks and also, the general public’s trust in the Government.
One other huge mis-selling scandal that is still going strong and has at least another £15 billion still to be claimed, is PPI. You could be owed money from the likes of Lloyds for their mis-selling of PPI so why not get in touch today and we’ll find out what you could be owed.
Interest Rate Hedging Scandal
December 11, 2014 Daniel Lee The Financial Ombudsman Service has now dealt with over one million complaints regarding Payment Protection Insurance.
What makes that statistic even more astonishing is that it’s estimated that 9 out of every 10 rejections by banks and lenders are not escalated to the FOS by customers.
With the FOS ruling that 70% of complaints are rejected unfairly over the course of time, this could mean that up to 6.3 MILLION valid PPI complaints have not been handled fairly or escalated to the FOS, which could have saved the banks a whopping £17 BILLION.
The Financial Ombudsman Service is an independent government body set up to handle complaints that cannot be satisfactorily resolved between a customer and a bank or lender.
It’s duty is to investigate complaints and reach a decision on whether banks have acted fairly, reasonably and in accordance with the regulatory rules.
It’s a simple case of financial benefit. As I mention earlier in this post, if it is saving the banks BILLIONS which it clearly is, then banks and lenders will continue to treat customers unfairly.
The risk of a penalty or fine from the Financial Conduct Authority is nothing compared to the BILLIONS saved due to customers not escalating unfairly rejected complaints.
The FCA’s biggest PPI fine to date is £7 million which is hardly a deterrent is it, when you could be saving 10 times, 100 times or even 1000 times that amount by rejecting valid complaints.
I’ve already called for banks and lenders to be fined each and every day that the FOS find over half of the complaints they receive have been rejected unfairly.
Unfortunately it’s clear that those who work for the bank regulators are far too close to those who work within the banks themselves.
Indeed, many switch between working for the banks and working for the regulator throughout their careers, so it’s not wise for them to upset potential future employers.
It’s therefore down to customers. DO NOT TAKE NO FOR AN ANSWER.
Escalate your complaint to the FOS and allow them to investigate the complaint independently.
We as a nation of consumers need to ensure it is not financially viable for banks to treat their customers unfairly in order to financially benefit.
Choosing the right Claims Management Company can assist. Firstly, it needs to be a regulated company.
Your Money Claim is a regulated Claims Management Company that is used to dealing with, and beating, the banks tactics.
We will not let an unfair rejection stand in our way.
We will fight all the way in order to recover compensation for mis-sold PPI. We can safely say that if you’ve been mis-sold PPI, we will get your money back, plus interest.
If you’ve had a rejection from a bank or lender within the last 6 months don’t hesitate to contact us, there’s still a chance of claiming compensation.
PPI complaints
