FCA Takes Over Regulation Of Claims Management Cos.
Law360, London (April 1, 2019, 11:37 AM BST) -- More than 900 claims management companies have registered with the Financial Conduct Authority for temporary permission to operate, the watchdog said as it began regulating the industry on Monday.
The City regulator has taken over supervision of the claims management sector from the Claims Management Regulator, which was part of the Ministry of Justice. The government found that the former regulator, which has been shut down, had struggled to police companies that specialize in lucrative claims on behalf of consumers such as personal injury and missold payment protection insurance.
Claims management companies, known as CMCs, can apply to the FCA for temporary permission...
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