Welcome to the fourth issue of Credit Hire AWARE. In response to the phenomenal level of feedback we have received to the newsletter - via tweets, emails and phone calls - in this edition we will be trying to get under the skin of some of the recent and most relevant movements in the market.
The ever constant is the ongoing PMI investigation by the Competition Commission; I will look to focus on the most likely proposed remedies as I see it on credit hire. Although we can’t rule anything out just yet, we are certainly past the point of mere speculation. I will provide a brief summary of how companies are jostling for position in the market and the impact this is having.
For a few months now there has been a reduction in the appetite of claimants to litigate. Part of this is doubtlessly caused by the courts’ response to credit hire in the last 12 months, the increased small claims track limit, and increasing portal retention. We provide some context as to what this means for all of us in the market.
In a welcome statement, IFED have also announced that credit hire fraud will be their top priority for 2014, signalling their intent with 17 arrests in the last week alone. Fraser McAndry from our dedicated credit hire fraud unit will look to explore some of the pitfalls in this area. I also caught up with Chris Ashworth, who has recently made industry headlines inhis role as MD of CRASHWORTH, and he gives us his take on the repair market and where he sees it going.
We have also now given over 500 desk top aids to clients, and the response to these shows interest here is especially high.
John Gibson
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