Claims as a Financial Service
Just a reminder that coming as much as 3 years in the past, (as from 1 January 2022) anybody offering claims providers which incorporates claims preparation, third celebration administration of claims, and claims administration providers has been required underneath the Corporations Act (2010) Cth to carry an Australian Financial Services Licence.
The laws are designed to attain the next degree of declare service and particularly maintain licensees accountable for a minimal customary of timeliness, transparency (together with setting clear expectations) and equity. They additionally need these concerned in claims to bear in mind the circumstances of the claimant (significantly if they’re struggling monetary hardship or are in any other case weak). In sure instances there may be additionally an onus on clear and well timed communication.
The cause for my reminder is that LMI Group have been requested to take over a number of claims of late the place the particular person purporting to be a claims preparer, usually with out utilizing that time period, has not been licenced and have both supplied recommendation that has adversely affected the declare or the place the charges being charged are astronomical.
Before partaking or recommending somebody be engaged I do urge you to examine that the agency is in truth licenced underneath the act.