The claim drain

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  • 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.

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