Archive for August, 2014

Customers Still Owed Billions in PPI Compensation

Financial Claim Services

The amount still to be claimed from the scandal surrounding payment protection insurance (PPI) mis-selling could run into the tens of billions, according to Financial Claim Services (FCS) which officially launches its new website today.

Recent analysis of PPI redress in recent FOS and FCA publications revealed that approximately £50 billion of PPI polices has been sold over the last 10 to 15 years. With £15.1 billion already paid out to claimants, and estimations for eventual redress believed to total approximately £24 billion, there is still so much more to be claimed.

In launching its new website, FCS, a subsidiary of Castle Keep Law Ltd, will be better placed than ever to ensure that consumers are compensated for what was wrongly sold to them. To date, FCS has helped nearly 5,000 people claim back over £14 million in PPI claims, with the average amount per claim for its customers totaling £2,900.

Concerned that the vast majority of paid for package banking solutions were mis-sold in some way, since January 2014 FCS has been helping customers make claims against mis-sold packaged bank accounts. Its average claim value is around £1,000. Though, the banking industry is still reticent to accept claims, with eight out of ten claims that have been denied at first stage going on to be upheld by the Financial Ombudsman Service.

Darren Smith, Head of Financial Claim Services commented: “The number of people we have helped since the launch of Financial Claims Services clearly shows the level of support that we can offer to consumers who have been treated badly and been sold a product that they never needed or wanted. The new website will mean that consumers will have access to an easy-to-use portal to ensure that they can seek redress for the bad behaviour of the institutions they once trusted.”

Notes to editors

Part of Castle Keep Law Ltd, Financial Claim Services is fully authorised and regulated by the Solicitors Regulation Authority. Being part of a law firm, FCS complies with much higher standards of professional conduct than other claims management companies are required to.

FCS is also part of a bigger group of companies, the One Advice Group, which employs over 650 people in the North West of England. The service offered by FCS adds to the comprehensive suite of professional financial services offered by the Group, which includes debt management services through its Harrington Brooks brand and legal services through Castle Keep Law.

For further information please visit:

http://www.financialclaimservices.co.uk/

Or contact:
RalphJ@lansons.com
Tel: 020 7294 3667

New Law Society Chief Executive

catherine-dixon

The Law Society has announced that Catherine Dixon will succeed Desmond Hudson as chief executive upon his retirement at the end of August.

Dixon is currently chief executive of the NHS Litigation Authority, which manages claims against the NHS in England, and was responsible for paying out over £1bn in compensation. She has also held a general counsel and company secretary position at the National Society for the Prevention of Cruelty to Children, as well as head of legal and commercial director of BUPA.

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She said of her appointment to the Law Society: “I am excited and feel very honoured to be joining the Law Society. I am committed to ensuring that the Law Society has a strong voice for all our members. I want to help the organisation represent, promote and support the profession across the spectrum of practice, speaking up for them and creating an environment in which the entire profession can flourish.”

CCJs Up 40% from Last Year

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The number of County Court Judgments issued has risen from 245,424 to 344,109 over the past year, Registry Trust Limited (RTL) statistics confirm.

The total value of consumer CCJs now stands at £797.9m. However, the average value of a CCJ has dropped to £2,319. Chair of the Registry Trust Malcolm Hurlston puts this seeming paradox down to lender and collector behaviours:

“Lenders have increasingly been selling debt to specialist companies who are more likely to go for judgements, even for smaller sums. As a result the average judgement value has fallen while the number of judgements has leaped.”

Conversely, the number of CCJs against businesses has dropped by 10% compared with the same period last year, with total value of £194 million. This, Hurlston argues, is more demonstrative of the wider state of finances in the UK:

“The number of CCJs against businesses has halved in the five years since the recession bit. The economy appears to be set fair.”

Kerry Blackhurst Accepted as SFE Member

Solicitors for the Elderly

Director of Castle Keep Law and Head of My Care Claim Kerry Blackhurst has been accepted as a member of the national association ‘Solicitors for the Elderly’ (SFE).

Kerry’s membership of SFE will provide clients with the assurance that Castle Keep Law has wide ranging expertise in providing legal services for older people.

Kerry said:

” I have been specialising in legal services for the elderly for many years, and am looking forward to continuing my development in this area so that I am able to give my clients and colleagues first class legal advice in a field of law which is constantly evolving, as the requirements of the elderly population change.”

DRO and Bankruptcy Review Announced

BankruptcyPetition

A government review has been announced into the Debt Relief Order processes and the bankruptcy threshold, headed by business minister Jo Swinson.

The review will assess the effectiveness of the DRO process, identifying areas for improvement and reviewing whether the creditor petition should be increased in bankruptcy. It is currently £750.

The review will be open until 9th October.