Claims Advisory Group

The Claims Advisory Group is an organization in the United Kingdom established in 2007 to advocate for people who may have been mis-sold financial products on a basis. Among their services, they work with people who face excess credit card charges and who have been mis-sold payment protection insurance (PPI). Clients submit applications to the Claims Advisory Group, which will review the situation and if it agrees that the client has been mis-sold products follow up with banks, loan and credit card companies and regulatory bodies such as the Financial Ombudsman Service. The company claims an average refund for successful clients of £1876 and takes 39% of settlement value as its fee.
Claims Advisory Group Limited is regulated by the Ministry of Justice
In August 2011 the Financial Services Authority published details of the amount of compensation paid by organisation during the first six months of 2011 to consumers who have complained about mis-sold PPI.¹
Organisations such as Claims Advisory Group are instrumental in helping members of the public who have been mis-sold a Payment Protection Insurance policy.
PPI is an optional insurance that covers monthly repayments for those who are not able to pay back their loan due to an unseen financial circumstance such as redundancy or sickness.
PPI policies are invalid if they are sold to people who would never be able to claim on them if they needed to, for example, those in self-employment or part-time work; unemployed persons or persons with an existing medical condition.
Cases of mis-sold PPI have also arisen in relation to situations where the opt-out box was already checked before the policy holder had signed the loan agreement, or where a policy holder was ‘pressure sold’ the policy and was not made aware that PPI was optional.
²The Financial Ombudsman Service provides online support regarding complaints about mis-sold PPI.
As a Ministry of Justice regulated claims management company, one of Claims Advisory Group’s specialisms is in the reclamation of PPI compensation.
Claims Advisory Group are registered with The Information Commissioner's Office.
Claimants of mis-sold PPI are entitled to receive back the original cost of the PPI policy, and may also be awarded compensation, as well as 8% interest by the Financial Services Authority.
The 8% interest on mis-sold PPI compensation is subject to tax, although the repayment element of the compensation is tax free. Claims Advisory Group Limited is regulated by the Ministry of Justice³ in respect of regulated claims management activities. Authorization number CRM5672, registration is recorded on the Ministry of Justice website www.claimsregulation.gov.uk
Claims Advisory Group is a member of the (UK DMA).
This article has recently been edited to remove personal comments in line with 's core content policies ensuring verifibility and keeping the article from a neutral point of view.

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