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
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working on their claim, who has found out that Amaryllis has been revoked their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
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.
Posted on: November 19, 2019
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 0203 519 3808 or email: info@TimeshareConsumerAssociation.org.uk