Manchester-based law firm Veritas Solicitors has reported significant expansion in its Financial Mis-Selling (FMS) division, driven by increasing demand for legal support in financial disputes.
The department has grown by 40% in recent months, with expectations for continued growth. To accommodate the rising number of financial mis-selling claims, the firm plans to recruit over a dozen additional staff members.
Faraz Fazal, Managing Partner at Veritas, emphasized the firm’s commitment to consumer justice, stating: “The expansion of our department reflects our unwavering commitment to fight for those who have been misled; every added member is a step closer to making things right.”
“We’re not just growing our team; we’re amplifying our voice for justice, ensuring that every consumer affected by financial mis-selling knows they’re not alone in this fight.
“In a landscape where consumers have been wronged by hidden commissions and mis-selling practices by corporate giants, the growth of our team means it will be even more able to stand up for justice and restore hope.”
The firm’s FMS department is also in the process of growing its affordability branch as it takes on consumers who have been mis-sold finance that they were unable to afford.
The team’s development also corresponds with recent developments in motor finance claims, driven by a positive Court of Appeal decision late last year. This has now been appealed to the Supreme Court by the Lenders.
This ruling widened the scope of eligible claimants, allowing those impacted by mis-sold motor finance prior to 2021 to seek compensation.
The severity and extent of the impact that the hidden commissions scandal has had on consumers is reflected by the bid from Chancellor Rachel Reeves to intervene in the Supreme Court hearing in her attempt to reduce the over £30 billion compensation bill lenders are currently facing for their malpractice.
Additionally, the Financial Conduct Authority (FCA) also had an impact on prospects, as they recently announced an extension on the time firms have to respond to complaints about motor finance agreements not involving a discretionary commission arrangement (DCA). The extension intends to help prevent disorderly and inefficient outcomes for both consumers and firms.
Public attention around the issue has also been bolstered by renowned financial journalist Martin Lewis regularly bringing the issue into the national spotlight.
Faraz added: “As we expand, we’re building a formidable force dedicated to not only helping those who have been financially mis-sold, but also preventing future mis-selling, ensuring that consumers are protected and empowered every step of the way.
“The coming years hold immense potential for us to drive change in the financial services industry, and with each new addition to our team, we are more equipped than ever to advocate for consumers and champion their rights.”