FCA publishes Consultation Paper CP18/26 on applying SM&CR to Claims Management Companies

On the 1st April 2019 the FCA will become the regulator of claims management companies (CMCs). At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs.

The FCA is now consulting on how the Senior Managers and Certification Regime (SM&CR) will apply to CMCs. The consultation paper sets out the proposed rules about when SM&CR may apply to CMCs and what action firms will need to take.

There is also a consultation ongoing with regards what fees the FCA proposes to charge CMCs.

Please click here for:

FCA consultation paper – SM&CR for CMCs  https://www.fca.org.uk/publication/consultation/cp18-26.pdf

FCA consultation paper – Fees for CMCs https://www.fca.org.uk/publication/consultation/cp18-23.pdf

FCA support website page for CMCs https://www.fca.org.uk/firms/claims-management-companies

Are you ready for the 1st October 2018?

Don’t forget from October 1st 2018 anyone involved in the distribution of insurance products will be expected to complete a minimum of 15 hours CPD a year in specific core areas related to their activities.

Support and guidance relating to this and the other regulatory requirements for firms designing and selling insurance products can be found on the FCA’s dedicated Insurance Distribution Directive page: