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