Labour demands stricter claims ads
By Parliamentary correspondent, campaignlive.co.uk, Thursday, 26 July 2012 10:55AM
Labour has called for tougher regulation of ads by claims management companies that help people who were mis-sold financial products secure compensation.
Critics accuse the companies of giving a false impression that people boost their chances of winning compensation by using them, then taking commission at 20-30 per cent of the payouts.
Ed Miliband demanded tougher rules on ads for payment protection insurance against people losing their jobs, for which the compensation bill could total more than £9 billion. Claims companies are said to have already made £1 billion from this. Miliband said this scandal could be repeated because an estimated 28,000 small businessmen were mis-sold insurance.
Ministers are believed to be pressing for a simple compensation scheme for small companies affected by mis-selling and may call on claims companies to tone down their ads.
This article was first published on campaignlive.co.uk
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