Since June 2016, all Claims Management Companies (CMCs) have been aware of the proposed change in practice; in respect of the governing bodies that should regulate claims. The FCA (Financial Conduct Authority) was to take charge of the regulations that CMC’s should abide by going forward, and they did so on the 31st March 2019. All claims companies had to apply firstly for temporary permission to continue making claims on behalf of individuals, which was then to be reviewed over a certain time until the FCA were either satisfied or not by the practices of the CMC.
We at the TCA have written several articles on the new legislation that has come into place and given advice, through our blog, to always make sure you are using a regulated claims company. There have been many pop-up claims companies recently, who call timeshare owners, promising them the world. They promise they will get so much money back for them; but hold on, there is a catch, normally monies would be requested up front with some sort of excuse such as ‘legal fees.’ No claims company should be asking for money up front if they believe they are going to win you back money.
Secondly, the claims company that you choose to go with should be registered with the FCA at least on a temporary basis with a status of temporary permission. We have recently been contacted by a worried client that has Amaryllis Associates working on their claim, who has found out that Amaryllis has been revoked their temporary permit by the FCA.
Amaryllis Associates Limited is published on the FCA services register as ‘winding down its regulated claims management business’. It goes on to say that;
“From 14 November 2019, the firm may no longer take on, or offer to take on, any new business which would constitute a regulated claims management activity and with effect from 14 December 2019, the firm will no longer be able to carry out any regulated claims management activities.”
This being said, on the date of writing (November 19th 2019), Amaryllis Associates Limited are still advertising their claims management services on their website (see screenshot below).
So, we must wonder why this page has not been taken down from their website? A task that takes no longer than one minute. Or, why they have not at least edited it to reassure any clients continuing with them that they are going to attempt to complete their claim before the 14th December 2019. We see no evidence that they are proposing to stop taking on new claims for clients, which would be against the FCA standards.
We would also advise any current Amaryllis claims clients to contact the TCA to see what stage they are at and if there may be an alternative avenue to turn down. The FCA register states:
“Do not start to do ‘REGULATED’ business with an appointed representative (AR) that is no longer registered”. Meaning that you should NOT under any circumstances start claim proceedings with this company that is no longer registered to trade as a CMC.
Give us a call and we will do all we can to help you.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk