{"id":313,"date":"2021-04-06T09:14:21","date_gmt":"2021-04-06T09:14:21","guid":{"rendered":"https:\/\/motorfinancelaw.com\/wp\/?p=313"},"modified":"2021-04-06T09:14:21","modified_gmt":"2021-04-06T09:14:21","slug":"fca-urges-claims-management-companies-and-high-cost-lenders-to-work-better-together","status":"publish","type":"post","link":"https:\/\/motorfinancelaw.com\/wp\/2021\/04\/06\/fca-urges-claims-management-companies-and-high-cost-lenders-to-work-better-together\/","title":{"rendered":"FCA urges Claims Management Companies and High Cost Lenders to work better together"},"content":{"rendered":"\n<p>On 31 March 2021, the&nbsp;<a href=\"https:\/\/www.fca.org.uk\/news\/news-stories\/fca-urges-cmcs-hcls-work-better-together\">UK Financial Conduct Authority published a news story encouraging claims management companies (\u2018CMCs\u2019) and high cost credit lenders (\u2018HCC lenders\u2019) to work better together<\/a>.<\/p>\n\n\n\n<p>The FCA is aware of:<\/p>\n\n\n\n<p>\u2013 some CMCs having presented a claim to a HCC lender where the customer had never taken out a loan with them;<\/p>\n\n\n\n<p>\u2013 some HCC lenders suspending lending whilst the complaint is being investigated;<\/p>\n\n\n\n<p>\u2013 some CMCs using \u2018catch all\u2019 letters of authority; and<\/p>\n\n\n\n<p>\u2013 some HCC lenders being unwilling to share information efficiently.<\/p>\n\n\n\n<p>The FCA has reminded CMCs that:<\/p>\n\n\n\n<p>\u2013 they must not make or pursue a claim if they have reasonable grounds to suspect the claim does not have a good arguable base or is fraudulent, frivolous or vexatious;<\/p>\n\n\n\n<p>\u2013 they should take \u201c<em>all reasonable steps to investigate the existence and merits of each element of a potential claim<\/em>\u201d before making or pursuing a claim; and<\/p>\n\n\n\n<p>\u2013 their investigations should enable them to make representations when presenting a claim which: (i) substantiate the basis of the claim; (ii) relate to the nature of the claim and are specific to the claim; and (iii) are not false, misleading or an exaggeration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 31 March 2021, the&nbsp;UK Financial Conduct Authority published a news story encouraging claims management companies (\u2018CMCs\u2019) and high cost credit lenders (\u2018HCC lenders\u2019) to work better together. The FCA is aware of: \u2013 some CMCs having presented a claim to a HCC lender where the customer had never taken out a loan with them; &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/motorfinancelaw.com\/wp\/2021\/04\/06\/fca-urges-claims-management-companies-and-high-cost-lenders-to-work-better-together\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;FCA urges Claims Management Companies and High Cost Lenders to work better together&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[47,72,34],"tags":[],"class_list":["post-313","post","type-post","status-publish","format-standard","hentry","category-cmc","category-complaints","category-fca"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/posts\/313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/comments?post=313"}],"version-history":[{"count":1,"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/posts\/313\/revisions"}],"predecessor-version":[{"id":314,"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/posts\/313\/revisions\/314"}],"wp:attachment":[{"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/media?parent=313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/categories?post=313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/motorfinancelaw.com\/wp\/wp-json\/wp\/v2\/tags?post=313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}