Claims management companies making hay while sun shines
There has been much discussion in the media recently about the plan to ban payment of referral fees to claims management companies, who deal in areas such as personal injury and claims for PPI policy misspelling. It looks as though times may not be so good for these companies in the future, yet at the moment they are doing very nicely thanks you.
A recent report indicates that :-
- Claims management companies income in the last year was over £580 million
- The above figure is a nearly 60% increase on the previous year
- Personal injury revenue was nearly £250 million
- Claims relating to financial services and product liability accounted for nearly £190 million.
- At the end of March 2011, there were over 3,200 claims management companies
- There were around 17,500 complaints made to claims management regulators last year