Claims Managers Told To Improve Adverts Or Risk Licenses

Law360, London (August 23, 2019, 1:39 PM BST) -- The Financial Conduct Authority threatened on Friday to take legal action against claims management companies after it found “widespread poor practice” in the use of advertising in the sector.

The City watchdog reviewed more than 200 adverts issued by claim management companies since it took over regulation of the market in April. The FCA said it found a litany of abuse, including giving misleading examples of compensation.

The regulator warned that it is unlikely to continue to authorize companies if they do not improve their standards. It has already visited companies which it considered to have particularly poor standards.

“CMCs using misleading, unclear...

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