Claims as a Monetary Service
Only 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 social gathering administration of claims, and claims administration providers has been required below the Companies Act (2010) Cth to carry an Australian Monetary Companies Licence.
The rules are designed to attain a better degree of declare service and specifically maintain licensees accountable for a minimal commonplace of timeliness, transparency (together with setting clear expectations) and equity. Additionally they need these concerned in claims to bear in mind the circumstances of the claimant (notably if they’re struggling monetary hardship or are in any other case weak). In sure circumstances there’s additionally an onus on clear and well timed communication.
The rationale for my reminder is that LMI Group have been requested to take over a number of claims of late the place the individual 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.
Earlier than participating or recommending somebody be engaged I do urge you to verify that the agency is in reality licenced below the act.
