Financial Adviser Group Takes Aim At 'Ambulance Chasers'
Law360, London (January 14, 2020, 2:51 PM GMT) -- Britain’s professional body for financial advisers said on Tuesday it will “weed out” insurance claims management companies that stray beyond their regulated remit and pass any information it gathers to the Financial Conduct Authority.
The Personal Finance Society has written to members to gather evidence on several “rogue ambulance chasers” it suspects are overstepping the perimeter of their permitted activities by offering financial advice, an area that requires a different set of regulatory permissions from the FCA.
Insurers have accused claims management companies of driving personal injury fraud by encouraging claimants to pursue speculative claims.
The FCA began regulating the freewheeling sector...
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