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Rogue claims management companies have been slicing off more than a third of the cash awarded in settlement of payment protection insurance mis-selling claims, according to a report by Citizens Advice. The charity also attacked the regulator for not pursuing unauthorised CMCs in the courts.

There has been a fall in the number of consumers using claims management companies (CMCs) to make complaints about payment protection insurance mis-selling, while some CMCs are “disappointingly lax” in the way they pursue their clients’ cases, the Financial Ombudsman Service has reported.