Claims management firm Money Boomerang is launching a TV advertising campaign this month targeting mortgage misselling through intermediaries.
Money Boomerang says the ads, which will be aired from 15 April across Freeview and digital channels, are designed to determine the amount of potential business in the sector. It will only accept mortgage claims where the applicant has been sold a mortgage by either a broker or an independent financial adviser.
Money Boomerang director and head of mortgages Ian Barlow says: “Interest is building up and we would expect to be drawing 200 new enquiries per month to start off with.
“We are going to be the first company to advertise on TV for mortgage misselling so we are hoping to be the vanguard for misselling. We may be able to get a larger slice of the market than we did with PPI.”
Association of Mortgage Intermediaries chairman Pat Bunton says: “We are obviously concerned this type of advertising is starting to emerge as it adds unnecessary costs to intermediary firms. While we would never decry a consumer’s rights to make a complaint about a valid misselling issue, that is completely different to a claims management firm trawling and making a complaint where there is no issue.”
London & Country head of communications David Hollingworth says: “This could prove to be a very time-consuming administrative burden for brokers. If firms are having to put more resources into dealing with what may ultimately be hit-and-hope claims, they will have less time to spend doing more positive things for their business.”