FCA Tells Claims Cos. To Report Turnover Ahead Of Levies

Law360, London (January 6, 2020, 11:40 AM GMT) -- The Financial Conduct Authority has told claims management companies to hand over details of their 2019 turnover to allow regulators to calculate the levies and tariffs that they must pay after changes in the way the sector is overseen.

The FCA said on Friday that claims managers must submit their turnover for the calendar year ending in December 2019. The data will allow the regulator and the Financial Ombudsman Service to determine the fees for this year that they will charge the companies, which function as intermediaries between individuals and the body they are making a claim against.

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