Analysis Banking and finance The claim drain By The Lawyer 28 June 2009 00:00 17 December 2015 16:01 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Evan Owen 29 June 2009 at 19:02 The fundamental problem here is the fact that many claimants prefer to hide behind the anonymity of a CMC which can ‘launder’ the claim in order to achieve a better result. This is compounded by the issue of fees, unlike a complaint about ‘high hedges’ to a local authority the claimant (or complainant) doesn’t have to pay one groat for the service offered by the FOS nor does he/she have to sign a statement of truth as they must do in Ireland, this makes it an inequitable arrangement for the firm. In my humble opinion the system is flawed because a mandatory arbitration scheme that can make awards of up to £100,000 without an independent appeal is incopatible with Article 6, something Gordon Brown declared the Financial Services and Markets Bill in fact was yet they refuse to disclose any legal advice supporting his declaration to Parliament. On 8/9 July the High Court will be hearing the case. Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.