The FCA has revealed more than 600 so-called ‘ambulance chaser’, or claims management companies (CMCs), have registered with the authority.

Claims management companies (CMCs) - so-called ‘ambulance chasers’ - can now register for the temporary permission they need to operate when the FCA takes over regulation.

The SIPP sector is facing up to a growing threat from ‘ambulance chasers’ – litigation claims firms trying to encourage clients to make complaints.

Xafinity SIPP Services, part of the XPS Pensions Group plc, has reported robust growth with assets under administration hitting  £2bn but admits the SIPPs sector is on a “precipice.”