What to expect of a claims management company
November 2008
Most people now know that banks and insurers have been unscrupulous when selling a number of financial products and services. Pensions, Payment Protection Insurance (PPI), endowments, credit card charges and bank charges have all come under fire and thousands of consumers have successfully claimed refunds or compensation.
People wanting to make a formal complaint about a policy or charge they suspect was mis-sold can either ignore it and risk paying the banks more money than they’re entitled to; take on the complaint themselves, even to the Financial Ombudsman Service; or task a claims management company to handle the complaint for them.
A good claims management company will put financial experts on your case; they know what arguments to make and what arguments to reject, and a good company won’t accept a refund offer from a bank if it’s unsatisfactory. But, like banks, you need to choose your claims company carefully.
A good claims company:
- Is authorised by the Ministry of Justice
All companies operating in the claims market should be accountable and transparent. Not only should they be authorised by the Ministry of Justice, they should follow the guidelines of the Financial Services Authority. - Won’t claim to have special rights within the industry
No claims company has special rights and don’t believe any company that tells you they do! No company has a dispensation from the waiver which currently prevents bank charge complaints from being taken while the court case is underway. - Never cold calls
Some claims company make cold calls, but not Claim 2 Gain. We never make cold calls to members of the public. Find out more here - Has been established for more than three years
The fact that bank charges are still being debated in court shows that the law on financial regulations is still being clarified. A good company will have many years’ experience understanding different regulations, policies and how the financial institutions operate. And, because some complaints can take years to resolve, you want to know the company has stood the test of time. - Offers more than one service and deals with multiple policies
Chances are you’ve got a credit card and bank account; you might even have an endowment policy or insurance on your loan or mortgage. Whether from the same financial provider or multiple, a good claims company will know the process and individual arguments for each product. - Has been successful for others
The ultimate test for a claims company is to look at the success they’ve achieved for their customers. A good company should be able to provide you with customer testimonials and evidence of success.
If you think you might have grounds for a claim against your bank or insurer, do look into it. If you’re happy to make the case yourself then learn all you can and follow the correct processes. If you don’t have the time to deal with it, or want to ensure you get the maximum amount you’re entitled to, contact a good claims company.
Claim 2 Gain is an independent claims handling service for people who have been mis-sold financial products and services. We champion the rights of the consumer and educate people on how to avoid being ripped off. The company was established in 2003 and has experience dealing with PPI, Mortgage Payment Protection Insurance, credit card loans and charges, bank loans and charges, endowment policies and personal loans. All senior staff hold financial planning qualifications recognised by the FSA.