Unregulated Compensation Pursuers
That this House welcomes the advice of the Financial Services Authority (FSA) on endowment mis-selling compensation pursuers that `some companies...make a charge which is usually a large percentage of any compensation the consumer receives. This service does not need to be regulated by the FSA'; is concerned that the FSA also warns that using one of these companies to complain on your behalf may not increase your chances of getting compensation; notes that these companies impose a charge of 20 per cent. to 41 per cent. of compensation received for advice which is often of little or no value; commends the splendid step-by-step advice available at no cost from Which? and the FSA; and believes that all financial complaint pursuing services should be regulated by the FSA.
This motion has been signed by a total of 38 MPs.
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