A Manchester-based law firm is expanding its financial mis-selling team as demand for legal support in the sector continues to grow. Veritas Solicitors has reported a 40% increase in its Financial Mis-Selling (FMS) division in recent months and plans to recruit over a dozen additional staff to handle rising case numbers.
The firm has attributed the expansion to an increasing number of financial mis-selling claims, particularly in motor finance. The recent growth of its affordability branch, which assists consumers who were mis-sold finance they could not afford, is also a key factor.
Managing Partner Faraz Fazal said the firm’s expansion reflects its commitment to securing justice for affected consumers.
“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.”
The surge in mis-selling claims follows a significant Court of Appeal ruling late last year, which widened the scope of eligible claimants. The decision allowed individuals mis-sold motor finance before 2021 to seek compensation. However, lenders have since appealed the ruling to the Supreme Court.
The scale of the issue has prompted Chancellor Rachel Reeves to intervene in the case. With lenders facing an estimated £30 billion compensation bill, Reeves is reportedly seeking ways to mitigate the financial impact of potential payouts.
The Financial Conduct Authority (FCA) has also extended the deadline for firms to respond to complaints about motor finance agreements that did not involve discretionary commission arrangements (DCA). The move is intended to ensure a structured and efficient resolution process for both consumers and financial institutions.
The issue of hidden commissions in motor finance has gained national attention, in part due to financial journalist Martin Lewis, who has repeatedly highlighted the matter to the public.
Fazal stressed that Veritas Solicitors is committed not only to securing compensation for victims of financial mis-selling but also to driving long-term change in the sector.
“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.”
With the Supreme Court set to review the case, the outcome could have significant consequences for both consumers and the financial sector. In the meantime, Veritas Solicitors continues to position itself at the forefront of the fight against financial mis-selling, expanding its legal team to meet the growing demand.
