Last Week Tonight host John Oliver has shed light on the problematic factoring industry surrounding structured settlements, highlighting the need for regulation and consumer protection.
Structured settlements are designed to provide a steady income for individuals with serious injuries or illnesses, often resulting from accidents or medical conditions. However, factoring companies, which buy structured settlements from individuals, have been accused of taking advantage of those in need.
In his exposé, John Oliver explained that the story grew out of the case of a woman, referred to as JG, who had a structured settlement set up after a serious injury. JG's settlement was bought by a factoring company, which left her with little to no income.
The factoring industry has been largely unregulated, allowing companies to prey on vulnerable individuals. The lack of regulation has led to a number of complaints and allegations of financial exploitation.
The UK government has yet to take action, despite growing concerns about the industry. Opposition parties have called for greater regulation and consumer protection.
Consumer groups have welcomed John Oliver's expose, highlighting the need for greater awareness and action to protect those affected by the factoring industry.