Personal Finance Society statement regarding today’s Queen’s Speech
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 customers.
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 fraudulent claims.
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.