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.
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.
The AMPS conference in London yesterday featured a warning on the increasing proliferation of ‘ambulance chaser’ companies seeking to press claims against SIPP providers.