FCA regulation of claims management companies—essentials
Produced in partnership with Nicholas Thompsell of Fieldfisher

The following Financial Services practice note produced in partnership with Nicholas Thompsell of Fieldfisher provides comprehensive and up to date legal information covering:

  • FCA regulation of claims management companies—essentials
  • Background to the regulation of the claims management sector
  • Transfer of CMC regulation to the FCA
  • Claims management regulated activities and the scope of regulation
  • The FCA's approach to regulation of CMCs
  • Authorisation requirements
  • Registration for temporary permission
  • Applying for permanent authorisation
  • CMCs and the FCA appointed representative regime
  • Senior Managers & Certification Regime for claims management companies
  • More...

FCA regulation of claims management companies—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

CORONAVIRUS (COVID-19): The FCA has set out some expectations for claims management companies in light of the coronavirus pandemic, such as continuing to keep clients updated about the progress of their claims, taking clients’ circumstances into account when collecting fees and giving respondent firms more time to respond to complaints and data requests. For more information, see Coronavirus (COVID-19)—FCA guidance for CMCs in this Practice Note.

As from 1 April 2019, the Financial Conduct Authority (FCA) is the regulator of claims management companies (CMCs) established or serving customers in England, Wales and Scotland. At the same time, the Financial Ombudsman Service (FOS) has responsibility for resolving disputes about CMCs. This Practice Note discusses the background to the transfer of the regulation of CMCs from the Claims Management Regulation Unit (CMRU) within the Ministry of Justice (MoJ) to the FCA, the FCA’s authorisation process

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