ME Group, the fast-growing LegalTech business, has launched a new service for law firms seeking to build their share of the financial services mis-selling market.
The Cheshire-based firm will provide client generation and claim assessment and quantification services to lawyers to help them efficiently process and settle claims for interest-only mortgage mis-selling. In a related move, Darren Smith has been hired from One Advice Group, where he is commercial director, to spearhead the new service as business development director.
The Group has already signed a number of high profile contracts with law firms according to Richard Hopwood, Group Commercial Director, and he expects many more to come on board during the next twelve months following Darren Smith’s appointment.
Richard said: “Financial mis-selling is a major problem, but although tens of thousands of people need expert help to fight for redress, until now law firms keen to develop their expertise have struggled to handle volumes.”
Richard explained that it was difficult for law firms to find clients who meet the litigation criteria and have a genuine case. Putting together a case file is time consuming and difficult, and law firms need litigation funding and ATE insurance to hedge against cases failing.
“Our turnkey solution ticks all these boxes, and will provide lawyers with a steady stream of claimants, with the right documentation, including an assessment of the amount of compensation they are owed. In short they will have all the expert help they need to help them manage a successful claim.”
“I’m delighted that Darren is joining the team. He has experience as both a legal services expert and someone who has worked in senior roles in financial services. He will bring impetus to our work with law firms and will help us achieve our aim of doubling the size of our business during the next twelve months.”
According to the FCA, there are 2.6 million interest-only residential mortgages that will mature — so need to be paid off — between now and 2041. Of those, 600,000 will mature by 2020. But alarming findings show 48% will have a shortfall, meaning those borrowers will not be able to afford to repay the entire debt.
Richard said ME Group had also signed an agreement with two claims management companies to generate potential clients, whose cases will be put through the group’s proprietary LegalTech software to determine whether their claim is genuine.
“Our claims process is straightforward, client-centric and driven by the highest possible standards. Our aim is to create an efficient and transparent claims process that benefits all stakeholders.”
About Darren Smith
Prior to his new role with ME Group, Darren was a senior executive at One Advice Group, which he joined in March 2014 as commercial director. His responsibilities included managing the Group’s ABS. Previous roles include managing director of Investor Compensation Ltd (top five CMC) between 2012-13, Paymex Group (2008-12) Loan Options (2007-08) and Capital One (2004-07)
About ME Group
ME Group, headquartered in Alderley Park, Cheshire, applies technology to legal services products on behalf of law firms and their customers.
Since ME Group began trading in August 2017 we have grown from 6 employees to 130 employees and have dealt with over 85,000 potential claimants. We have grown our panel of law firms to six, and we are broadening our range of services into other areas, such as SIPPs
For more information please contact: Ben Welsh, 07568 382040