Early day motion tabled by primary sponsor Paul Flynn (Labour), on Tuesday, 22 March 2005, in the House of Commons. It is signed by 38 members in total.

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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.

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Secondary information

Type

Early day motion

Reference

977 

Session

2004-05

Subjects

Compensation Business Fees and charges Regulation Solicitors

Link

View this Early day motion on www.parliament.uk