The Financial Ombudsman Service is considering charging Claims Management Companies fees of up to £650 per case to help cut down on the tide of speculative claims that can clog up the service.
Experts have cautiously backed a new regulation regime which will see the FCA oversee claims management companies (CMCs), so called ‘ambulance chasers’, but say there is no time for complacency.
The FCA began regulating the claims management industry from today.
The FCA has revealed more than 600 so-called ‘ambulance chaser’, or claims management companies (CMCs), have registered with the authority.
The FCA is set to take over regulation of claims management companies and estimated the cost to be in the region of £17m.
The Financial Conduct Authority has today published its draft rules outlining how it plans to regulate claims management companies (CMCs) when it takes over their regulation from 1 April 2019.
News from Twitter
Articles by Keyword
AJ Bell
AMPS
annuities
Autoenrolment
Barnett Waddingham
Curtis Banks
DWP
FCA
FOS
FSCS
James Hay
Lisa Webster
Mattioli Woods
Pension
pension freedoms
pensions
pension transfers
Platforms
regulation
retirement
retirement planning
Sipp
Sipps
Ssas
Talbot and Muir
The Pensions Regulator
TPR
Webster
websterblog
Xafinity