Claims management companies and law firms are submitting two thirds of all SIPP complaints - double the percentage seen in the previous year, according to Financial Ombudsman Service (FOS) figures out today.

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.