Solicitors Regulation Authority asks for views on restricting fees in financial mis-selling claims

Industry News | 13/07/21

The Solicitors Regulation Authority (SRA) is asking for views from law firms on fee restrictions for financial product and services mis-selling compensation cases. This is in line with the SRA’s obligations under the Financial Guidance and Claims Act 2018 to make rules that prevent excessive fees being charged for claims management activities connected to financial products or services.

The SRA’s proposed approach is set out in a discussion paper. The SRA is using the FCA’s proposals for a fee cap on CMC fees as its starting points.

The SRA is asking for responses to its consultation paper by 29th September. A formal consultation will follow in Winter 2021/early 2022.

Source: SRA