Law360, London (December 17, 2018, 6:00 PM GMT) -- Claims management companies will have to meet tough new rules to obtain authorization by the Financial Conduct Authority from April 2019, which they will require if they are to operate within the law, the City regulator said Monday.
The FCA's rules — which will include a code of conduct for companies in the claims sector — will be similar to those which apply to other financial services companies it regulates. Companies will be also obliged to maintain records of calls to customers.
Jonathan Davidson, executive director of supervision at the watchdog, said the new regime aims to drive up standards in a sector...
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