Apfa lobbies Fos over upfront fee for spurious CMC claims

The update said: “Apfa will continue to engage with this project.”

CMCs have been a bone of contention within the adviser industry with Mr Liversidge being particularly outspoken against them.

In November, Mr Liversidge wrote to CMC Money Claims (UK) Ltd, demanding a total payment of £3,861.25 for his time wasted investigating what he deems to be a spurious complaint.

Mr Liversidge has also previously called for regulated CMCs to de-authorise and then be forced to re-apply under far stricter criteria.

In October, a judge ordered CMC Aims Reclaim to repay Mr Lakey £340.20 for time spent handling a baseless claim.

Mr Lakey, partner at Highclere Financial Services, took Aims Reclaim to a small claims court when the CMC refused to pay an invoice for the time Mr Lakey spent handling a claim that came to nothing.