ME Group, the LegalTech business that supports law firms handling complex financial disputes, has launched new services for lawyers working to help people who have been mis-sold many different types of financial products.
The group, which is based near Manchester and is expanding despite the Covid-19 crisis, now supports law firms managing pension disputes and those relating to undisclosed commissions in financial transactions.
Rob Cooper, ME Group’s CEO, said: “Following our success in helping to deal with widespread mortgage mis-selling, we have broadened the scope of our proprietary technology to include other major areas of financial misconduct.
“We’ve found that many vulnerable consumers, who have been mis-sold or overcharged for their mortgage have also been victims of poor practice by independent financial advisers, banks and other financial services companies.”
“This isn’t good enough and all too often vulnerable consumers are completely unaware of the loss they have suffered due to the opaque and complex nature of the financial products they have been mis-sold.”
He added: “Right across the financial services industry commissions and performance payments between product providers and intermediaries have distorted selling practices to the detriment of the retail customer.”
“We’re keen to help more law firms gain redress on their clients’ behalf. This is especially the case right now with UK personal finances under increased pressure.”
Mr Cooper explained that the group’s technology uses complex algorithms to enable large-scale consumer access to dispute resolution.
“It’s highly efficient and, now that we have proved its viability in mortgage mis-selling, we’ve widened our service offering to support other areas of dispute.”
“The technology reduces the risk of law firms and their clients pursuing invalid disputes, and reduces the burden for the financial services industry which results from frivolous or speculative complaints.”
“We believe millions of people are owed redress, and they are likely to be even more financially vulnerable due to the current Covid-19 crisis”.
“It is vital that regulatory authorities avoid big case backlogs, especially for complex disputes which require specialist adjudicators, and where the sums of money involved are life-changing for many claimants.
“Our technology assists law firms to professionalise their claims submission, and enables regulators to make much faster decisions, bringing quick results for hard-pressed victims of financial scams who’ve lost their savings and want to get their lives back on track.”
ME Group also facilitates litigation funding and after-the-event insurance which are necessary to give consumers access to justice.