Claims management regulation

Introducing claims management regulation

This overview is a guide to the Financial Services content within the claims management subtopic, with links to the appropriate materials.

FCA regulation of claims management companies—essentials

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 takes 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 regulated activities that are carried out by CMCs, the FCA’s authorisation process and supervisory approach to CMCs and the parts of the FCA Handbook applicable to CMCs. See Practice Note: FCA regulation of claims management companies—essentials.

Regulated

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Financial Services News

Sustainable finance and ESG weekly round–up—21 November 2024

This week's edition of the Sustainable finance and ESG weekly round-up from the Finance Group includes: (1) ICC issues guidance on successful Carbon Pricing, (2) COP29 round up, and (3) ESAs issue ‘Fit-For-55’ climate scenario analysis results.

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

FCA proposes extension for handling motor finance commission complaints following court ruling

The Financial Conduct Authority (FCA) has published a consultation paper (CP24/22) on extending the timeframe for motor finance firms to handle complaints related to non-discretionary commission arrangements (non-DCA). The proposed options are either until 31 May 2025 or until 4 December 2025. Responses are sought by 5 December 2024. The FCA also plans on publishing its feedback and its policy statement by 19 December 2024, emphasising that firms should use this extended period to adequately prepare resources for investigating and responding to complaints.

BoE’s Sasha Mills’ speech on the potential transformative impact of innovation in wholesale financial markets

The Bank of England (BoE) has published a speech by its executive director for financial markets infrastructures, Sasha Mills, discussing how innovation in wholesale financial markets, such as tokenisation and programmable platforms, could revolutionise post-trade processes, making them faster, cheaper, and more efficient. The BoE is also exploring ways to maintain central bank money as a settlement asset for digital transactions, including plans for experiments on synchronisation and wholesale central bank digital currency.

View Financial Services by content type :

News