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Current Issues
Update on Claims Management Firms
Claims Management Companies (CMCs) have been operating in the financial services arena for some time. However, recently many members, in particular mortgage intermediaries, have experienced increased speculative activity by CMCs and this has become an area of significant concern.
With our industry facing extremely challenging and tough times, AFB do not want to see our members unjustifiably battling with CMCs on a daily basis. In particular, such practices by CMFs as ‘scatter gun’ complaints and the recruitment of brokers are things members should be aware of.
Members who have been contacted by CFCs or have any concerns regarding CFCs should refer to AFB’s Claims Management Companies newsflash, from the 28th October 2008 for more detailed information:
http://www.theafb.net/news/newsflash.php?id=125
For advice on dealing with ‘scatter gun’ complaints, in particular, please refer to AFI’s guidance on the use of Statements of Truth: