The Financial Ombudsman Service has expanded its remit to include more small business and claims management companies, so called ‘ambulance chasers’.

Experts have cautiously backed a new regulation regime which will see the FCA oversee claims management companies (CMCs), so called ‘ambulance chasers’, but say there is no time for complacency.

The FCA began regulating the claims management industry from today. 

Financial Planning Today’s story this week revealing that more than 600 ‘ambulance chaser’ firms had applied to the FCA for authorisation will have sent shivers down the spine of many planners, IFAs and wealth managers.