In light of today's Queen's Speech, the Personal Finance Society
welcomes the Government's decision to put the FCA in charge of
regulating claims management companies. The FCA has the resources
needed to enforce the existing regulation.
While there are many instances where claims management companies
provide valuable support to consumers entitled to compensation,
there is a need for tighter enforcement of regulations.
Better enforcement will bring two significant benefits for
First, they will be less likely to be pestered by claims
management companies in unethical ways.
Second, they won't have to pay premiums that are inflated by
unscrupulous firms coaching people into making frivolous or
Cracking down on these firms using a proven regulator is welcome
news and we look forward to working with the FCA and other
important stakeholders to make a success of the new regime.
It is disappointing that the uncertainty resulting from the
General Election has forced the Government to water down its
earlier commitments to scrap the triple lock and introduce
sustainability into the welfare system.
It is clear that the process of leaving the EU has created a
very full agenda for Parliament. However, to make Brexit a success,
we must have a resilient welfare system and that can only come
about if we have a strong culture of saving.
In order to prepare for life after Brexit, the Government should
establish a permanent commission of experts to help create a public
consensus around pension policy, and a strong savings culture.