FCA – New rules for claims management companies to boost consumer protection and professionalism
Regulatory Updates | 19/12/18
The Financial Conduct Authority (FCA) today published new rules and fees that will apply to all claims management companies (CMCs) from April 2019. That’s when the FCA takes over responsibility for regulating the firms, which help thousands of people every year.
From next April, all CMCs set up or serving customers in England, Scotland and Wales will have to be authorised by the FCA to continue operating legally. To be authorised by the FCA they must demonstrate they meet minimum standards to operate. Any firm that isn’t authorised will have to stop handling claims.