FCA Extends Accountability Rules To Claims Managers

Law360, London (July 26, 2019, 4:41 PM BST) -- The Financial Conduct Authority said Friday it has extended tough accountability rules to cover claims management companies, in a bid to hold senior individuals at these businesses responsible for their conduct in the financial market.

The City watchdog said the Senior Managers and Certification Regime will apply to claims management companies starting Dec. 9. The rules will strengthen accountability in the claims sector and set a new standard for the personal conduct of senior individuals working at these companies, which are known as CMCs.

The regime, known as the SMCR, will also apply from December to all other firms that are...

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