UK Regulators Ally To Promote Competition In Claims Sector

Law360, London (August 8, 2019, 12:54 PM BST) -- The Financial Conduct Authority and the Competition and Markets Authority have agreed to work together to help ensure there is effective competition for consumers using claims management companies, after the City watchdog began regulating the sector.

The FCA and the competition watchdog have updated a cooperation agreement to allow them to enforce updates to the regulatory framework for claims management companies, which help consumers seek compensation from finance firms.

The two regulators said Wednesday in an updated “memorandum of understanding” that they will join forces to investigate cases of suspected anti-competitive behavior by claims managers. The documents says the move will ensure...

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