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

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 complaints about CMCs. This Practice Note provides information on the FCA’s regulation of CMCs, the FCA’s authorisation process and ceasing regulated claims management activities; the FCA’s supervisory approach to CMCs, and the parts of the FCA Handbook applicable to CMCs including:

•
CMCOB—including lead generators, ongoing information requirements, prudential requirements for CMCs
•
CASS—safeguarding client money
•
DISP—complaints handling by CMCs

It further considers reporting requirements and periodic fees, and provides historical information on the transfer of the regulation of CMCs from the Claims Management Regulation Unit within the Ministry of Justice to the FCA in April 2019.

For further detail on client money requirements, see Practice Note: Client money requirements in relation

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