header-logo header-logo

Home Login E-newsletter About us

Legislative loopholes

© Copyright LexisNexis 2025. All Rights Reserved.
17 July 2009 / Daniella Lipszyc
Issue: 7378 / Categories: Features , Legal services , Profession
printer mail-detail

Daniella Lipszyc says loopholes in law can tie the legal profession in knots

Legal professionals have always looked for new sectors to expand their business. More than 10 years ago solicitors looked to personal injury to increase revenue streams, now it seems the focus has shifted to financial irregularity (FI).

Upward rise in FI

In the past 12 months there has been a marked increase in the number of FI cases being pursued in courts across the country. The Financial Ombudsman Service’s (FOS) annual report shows a dramatic rise in the number of payment protection insurance (PPI) claims that have been successfully resolved. Complaints about PPI nearly tripled in 2008/09, with 89% of claims resolved in favour of the consumer.

This trend is set to continue, with the FOS predicting a rise in all areas of FI claims. The FOS anticipates that in the next financial year it will process 150,000 new cases. It estimates that 16,000 will relate to credit card agreements; 18,000 will concern current accounts and 25,000 on PPI.
Having dipped

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Read All
Sponsored by
DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Read All
NLJ this week: Traders’ convictions quashed in Libor shock
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
NLJ this week: Pro bono power without the red tape
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
NLJ this week: DNA evidence—justice on ice?
In this week's NLJ, Steven Ball of Red Lion Chambers unpacks how advances in forensic science finally unmasked Ryland Headley, jailed in 2025 for the 1967 rape and murder of 75-year-old Louisa Dunne. Preserved swabs and palm prints lay dormant for decades until DNA-17 profiling produced a billion-to-one match
NLJ this week: Small firms call for tech clarity as AI looms
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
NLJ this week: Fraud claims climb as courts brace for AI threats
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
Copyright © 2025 LexisNexis
back-to-top-scroll