Why Choose Refundee for a Group Action Case?

Working out who to trust to help you get your money back after you’ve fallen victim to a scam can feel overwhelming, with dozens of companies claiming to be able to help. 

We often get asked why people should use Refundee, especially in group action cases. In this article we explain what a group action case is, the best way to get your money back, and why Refundee’s experience in group action cases makes us stand out from standard law firms. 

What is a Group Action case? 

We consider it a group case when multiple people are victims of the same scam from one source. Depending on the size of the fraud, group cases can involve anywhere from tens to thousands of people.

What is the best way to get your money back?

The most realistic and cost-effective way to get your money back in a group action case is via bank reimbursement schemes. Banks have clear regulatory obligations to reimburse scam victims in certain circumstances. These rights derive from the Contingent Reimbursement Model Code, Mandatory Reimbursement, or sometimes from other regulatory or industry standards which banks are subject to. 

Depending on the circumstances of your case, this may involve taking action against your bank, or the fraudster’s bank – or both. Banks will almost always put up a fight. But if they refuse to refund you, we can appeal their decision using the Financial Ombudsman Service. This is a regulatory, rather than a legal process. Our track record proves that the Financial Ombudsman Service will uphold cases that are properly evidenced – which is what we are experts in doing. 

Lawyers vs Regulatory Experts

You may see some companies saying they offer other services, like the option to sue perpetrators in court. However, in our experience, this is a high-risk, expensive option – and often it simply isn’t realistic. Law firms know this, and in our view, are using this as a marketing tool to appeal to clients who want to pursue the scammers directly. When legal action is taken, it’s very rarely done on a no-win no-fee basis due to the risks involved and low chances of full reimbursement. 

It is, of course, incredibly important that perpetrators face justice. But unfortunately, fraudsters are very good at spending and laundering money. This means by the time your case reaches court, there is unlikely to be any money left for them to pay you back – even if you win. Even worse, going down the wrong path is time-consuming and can result in significant delays. This may mean you miss the opportunity to recover your funds via the bank reimbursement route because of strict rules around how quickly you need to pursue a bank claim. 

Companies may also offer to take legal action against implicated parties involved in a scam – for example introducers or law firms. But it’s worth noting that costs in these cases can quickly escalate. If your case is ultimately successful, it’s likely that a significant amount of the money you win back will be spent on legal fees. 

In contrast, using a regulatory expert like Refundee is a low-risk and cost-effective option, and, in our experience, much more likely to result in getting your money back. 

How to Choose Who Handles Your Group Action Claim 

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You don’t need to use a representative to pursue the bank reimbursement route. But it can be extremely beneficial, especially in complex group action cases where banks may put up a fight. 

If you decide you would like to use a regulatory expert, the choice you make is an extremely important one. Pursuing complaints in group action cases requires a strong understanding of the regulatory process, investigative skills and a lot of leg work. So it is vital that you pick a company that is up to the task. 

You should start by looking at the company’s track record and specialism. An obvious measure is how successful a company has been and how long it has operated for. At the time of writing, Refundee has recovered more than {{money-recovered-text}} for thousands of victims of fraud, most of which comes from investments scams and Ponzi schemes. You can see some examples of the large cases we’ve won – like Black Capital, Raedex, Gallant Building Services and many more – on the Group Actions section of our website. We’ve received coverage in the Times recently, after winning a case that opens up the potential for more than £100m of reimbursement. 

A checklist of other key things you should consider before choosing a representative can be found below. 

The Checklist You Should Follow When Choosing a Representative

• Track record: How much has the representative actually recovered for victims? Is that recovery amount evidenced by case examples and Companies House records? If the figure isn’t advertised or there is little activity on Companies House accounts, you can assume it is low. 
• Specialism: At Refundee, all we do is fraud recovery. It’s our specialism, and our team are experts in this field. Other companies, particularly law firms, are generalists and handle a wide range of claim types or other unrelated legal matters. This normally means that they’re less specialist.
• The correct firm for the correct process: Financial Ombudsman Service cases are not legal cases, but are regulatory processes. Refundee team members have worked at the Financial Ombudsman Service, the Financial Conduct Authority and at major UK banks, and have extensive experience navigating the complaints process. 
• Up front fees: If up-front fees are charged, it’s generally a sign of weakness. A firm that is confident in succeeding on your behalf can offer to work on your case on a no-win no-fee basis.
• Hidden charges: Check for cancellation fees or legal fees charged on an hourly rate. Read contracts thoroughly for hidden costs along the way. The regulatory regime of lawyers is much weaker than it is for us and it allows law firms to apply hidden costs. 
• Longevity: How long has the representative been in the market? Naturally a company learns from its wins and losses, and given some cases take many years, you want a firm that has been in the market for a long time in order to gain the required expertise. 
• Transparency: Does the firm make it clear what they do, what they charge and that you can run the process yourself? Transparency is a sign of a more ethical firm. 
• Reviews: This isn’t just the number of positive reviews and the overall rating, but the content. Reviews are easy to manipulate: some companies will ask customers to submit a review after their initial interaction. For a scam recovery firm, you want to see reviews that are done after the service has been delivered. In short, reviews that show people are winning cases. You can see verified reviews of Refundee on Trustpilot, with many clients praising our work on group action cases.

Comparing Law Firms and Refundee

Refundee is regulated and authorised by the Financial Conduct Authority (FCA), the independent public body that regulates financial markets and firms in the UK. This means we must follow strict conduct standards, including offering fair value, clear communication and proper support. 

Some law firms offer the same service as Refundee but under the Solicitors Regulatory Authority (SRA), which is widely considered to have a much weaker rules, enforcement and penalty framework than the FCA. 

The below table offers a broad comparison between Refundee and law firms – though of course, each law firm varies. 

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You Don't Have To Use A Representative

If you decide to pursue the bank reimbursement route, you don’t have to use a claims management company or a law firm. You can complain to your bank and to the Financial Ombudsman Service yourself, for free. 

At Refundee, we are transparent about this option and have even produced a guide on how to claim yourself. 

How To Start A Case With Refundee

If you would like to use Refundee, a regulated specialist, to handle your claim then you can begin the process today with a free eligibility assessment. 

So far, we have helped {{total-customers-text}} people recover {{money-recovered-text}}, with a large proportion coming from group action cases.

More about Refundee

Here are the technical bits:

Refundee Ltd is a claims management company authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 937096.

Registered with the Information Commissioner's Office; registration number: A8986071.

Registered office address: Refundee, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.

Registered as a company in England & Wales; number: 12855931.