Claims management companies prepare for PPI comedown [FT.com - Mergermarket]
Elevate Credit, Inc. (ELVT)
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Source: FT.com - Mergermarket
Claims management companies prepare for PPI comedown | Financial Times Nicholas Megaw September 15, 2019 Print this page To banks, they are an army of unscrupulous ambulance-chasers that have cost companies billions of pounds. To defenders, they are a band of small businesses that have won consumers large amounts of compensation and almost single-handedly removed the incentives for financial groups to rip off customers. Claims management companies, or CMCs, have played a key role in lifting the total cost to banks of mis-selling payment protection insurance above £50bn As the PPI scandal “We’ve already seen a contraction of the number of companies in the industry of around half, and I think a number of factors will see that contract further,” said Simon Evans, chief executive of the Alliance of Claims . PPI enabled huge growth for CMCs, which manage customer complaints in exchange for a cut of the compensation. Revenues for financial services specialists increased from £104m in the 20
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