Just because these companies deal with many types of complaints about financial services does not mean many of them are capable or bother to assess the strength of a case.
If they were capable of this then surely 100 per cent of complaints submitted by these firms would be upheld?
Ambulance chasers promise to get you a large compensation payment – they should instead be forced to admit they don’t have the power to argue to escalate the amount a complainant receives.
They should also be forced to prominently admit their charges can be high.
For example, according to the Money Advice Service, if a complainant is awarded £1,000 in compensation they could typically miss out on around £300 of that money.
I often bemoan the endless scrolls of regulatory red tape, but I feel more rules are required to tackle ambulance chasers and their misleading tactics.