Claims management companies enter FCA regulation

Regulatory Updates | 02/04/19

The Financial Conduct Authority (FCA) begins regulating the claims management industry from 1 April. All claims management companies (CMCs) in England, Scotland and Wales will now have to demonstrate they meet and maintain minimum standards set by the FCA. All existing and new CMCs will need to apply to the FCA for authorisation.

More than 900 CMCs have registered for ‘temporary permission’ to continue operating while they go through the FCA authorisation process.