As the largest platform for financial intermediaries, cherry is always keen to represent its members’ views on important issues. As such, we are currently involved in several campaigns including one which is seeking stronger regulation of Claims Management Companies and reform of the Financial Ombudsman Service.

As the PPI scandal reaches its conclusion, these (practically unregulated) firms, are turning towards other financial products including investments and mortgages.  In doing so they are abusing ‘subject access requests’ and attempting to create their next big 'pay day' - hence everything possible must be done to stop them.  YOUR HELP IS NEEDED.

Following our very successful meeting with MPs at Portcullis House in September 2013, many have asked what they can do to help - and below are some practical suggestions:

1. Email APFA and AMI examples of CMC / FOS bad practice - Both Robert Sinclair of AMI and Chris Hannant of APFA are keen to collect evidence of both CMC bad practice and unreasonable behaviour by FOS, so please ensure you forward any such examples to them. The more evidence they have available, the more strongly they can argue YOUR case.  Their email addresses are robert@a-m-i.org.uk and chris.hannant@apfa.net
   
   
2. Also copy in MOJ - The MOJ currently regulates CMCs and they have indicated that they can better target their limited resources with our help.  So…if you receive a complaint that clearly does not conform to the guidelines set down by the MOJ for CMCs, write to them and copy in the CMC!  In our experience, the MOJ do reply and this does work!  Their address is:
   
   

   Claims Management Regulation Unit 57 – 60 High Street Burton–upon–Trent Staffordshire DE14 1JS

3. Copy in Nic Dakin MP - Mr Nic Dakin MP is also keen to collate examples, particularly regarding poor FOS decision making.  Remember that FOS should be an independent arbitrator so if they demonstrate otherwise it is in direct contravention of their defined role!  Nic’s email address is nic.dakin.mp@parliament.uk

Above all please copy in cherry (info@cherryplc.co.uk) on anything you send and we will collate a master list.  WE CAN ONLY DO THIS WITH YOUR HELP.

Many thanks for your support.

All at cherry