Law firm to capitalise on mis-selling
A NEW law firm has been launched to tackle the growing number of consumer complaints against banks, building societies and lenders.
Ultimate Law, based in Altrincham, specialises in the financial irregularity market, with expertise including the mis-selling of financial products – such as payment protection insurance and unenforceable loan agreements.
The company also provides continuing professional development accredited training programmes on financial irregularities for other legal professionals.
In the last 12 months, the number of complaints received by the Financial Ombudsman Service has rocketed and the number of complaints regarding payment protection insurance alone increased to more than 25,000 compared to 1,832 in the previous financial year.
Daniella Lipszyc, director at the firm, most recently provided in-house legal advice for a claims management company. She thinks other firms should capitalize on what is a rapidly growing sector.
She said: “Each year, more than 7.5 million PPI policies are purchased in this country – worth over £5.5bn. Tens of thousands of customers are seeking compensation from lenders and financial service providers, accused of mis-selling policies covering loans, pensions and mortgages.
“With an increasing number of practices constricting the number of fee earners, or redeploying employees to other areas of the business, it’s essential that the legal profession seizes upon opportunities to expand into developing sectors.”
