CMCs warned they could face closure over compliance failures
Claims management companies (CMC) must comply with regulation or risk being shut down, the Ministry of Justice (MoJ) has warned.
The MoJ’s Claims Management Regulation (CMR) unit revealed in its annual report that 409 claims management businesses were either warned, suspended or cancelled between April 2011 and March 2012, with 260 of this total being shut down.
The CMR Unit stated that it continues to keep a close eye on a number of CMCs, and it has set up a specialist team focused on rooting out the poor practices used by some companies presenting claims for mis-sold payment protection insurance (PPI).
Kevin Rousell
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