View more on these topics

New trade body for financial claims firms launches

The Association of Professional Claims Managers, a new association for financial claims firms has launched today.

The APCM is a new body, founded by Brunel Franklin, Gladstone Brookes, We Claim U Gain, Financial Recovery Solutions and Synergy Financial Solutions, with other CMCs expected to join the APCM in the coming weeks and months.

The APCM is a trade association representing claims management firms and is intended to increase the professionalism and levels of service provided by regulated claims management companies.

It says its objectives are to:

-To promote the highest standards of professionalism within the claims management industry.

-To assess new applicants’ fitness for membership and monitor and assess all members’ compliance with the APCM Code of Practice, on an on-going basis.

-To provide compliance support and guidance to member firms and in doing so assist them to comply with relevant legislative and regulatory requirements.

-To represent the views of members to regulatory bodies, government departments, consumer groups and other interested parties.

-To provide an independent arbitration service to deal with complaints from consumers and other parties about members.

Member firms must comply with the APCM Code of Practice which aims to protect consumer interests over and above the protections offered by law.

Ministry of Justice head of claims management regulation Kevin Rousell says: “I welcome serious initiatives by the claims management industry to develop a professional standard above and beyond the mandatory minimum that statutory regulation requires.

“Consumers that choose to use claims management companies, and finance companies that receive the claims, are likely to have less cause for complaint with CMCs that adopt such higher standards.”

Brunel Franklin managing director and one of the founder members of the APCM Sally Bowyer says: “We’ve drawn together what we consider to be some of the most professional and ethical players in the sector and can offer a new level of professional conduct and confidence to consumers looking to employ the services of a financial claims management firm.”

All applicants for membership are required to demonstrate that their business operations comply with the APCM Code of Practice. This is assessed on behalf of the APCM through an independent compliance audit. Membership to the APCM is based solely on the results of the compliance audit.

On-going adherence to the APCM Code of Practice is also assessed through an annual audit similar to that undertaken for applicants. The trade body says this process of establishing that members operate in an ethical, professional and customer-focussed way will enable members to distinguish themselves within the industry.

Recommended

2

Openwork spends £15m on RDR preparations

Openwork chief executive Mary-Anne McIntyre has revealed the firm has spent £15m preparing for the retail distribution review but is still calling for a one-year delay to ensure as many advisers as possible remain in the industry. McIntyre, formerly chief operating officer at the network, was appointed chief executive in June, replacing Martin Davis who […]

Artemis appoints third global select manager

Artemis Asset Management has appointed Rosanna Burcheri to co-manage the recently launched £41.9m global select fund. Burcheri will join existing managers Simon Edelsten and Alex Illingworth in the running of the fund. She joins from FrontPoint Management where she was a partner and pan-European fund manager.        Burcheri has 14 years experience in the industry and […]

8

MM Leader: FSA fails to offer guiding RDR transition light

The FSA last week published its answers to the top questions it says were asked at its recent retail distribution review roadshows. The answers appear in this week’s Money Marketing and further information can be found on the regulator’s website. They provide useful guidance on some RDR misconceptions but what is most noticeable about the […]

1

Hargreaves plans to increase advice proposition as profits leap

Hargreaves Lansdown has announced a 46 per cent increase in pre-tax profits for the 12 months to June 30, 2011. The firm saw profits rise from £86.3m to June 30, 2010, to £126m to June 30, 2011. The firm says it plans to increase its fee-based advice proposition, citing the fact that the “regulatory and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Regulate them properly, let the FSA/FCA do it. Oh, they don’t have the resources to regulate what they already have.

  2. Firms such as these are simply boils on the bum of life. They charge their clients 30% for writing a couple of letters that are sometimes less than the truth knowing that in most cases (certainly in respect of PPI) the complaint will be upheld as a matter of course. This is simple and easy money taking advantage of individuals who have already suffered at the hands of (in many cases) inappropropriate sales practices.

    The sooner firms such as these are fully regulated and monitored to ensure that they are indeed acting in their clients interest and charging a fair fee for the work carried out the better. Otherwise they are just low life ambulance chasers who should just crawl away under the rock they came from

Leave a comment