Legal Watchdog Mulls Fee Cap For Financial Misselling Claims

Law360, London (July 8, 2021, 11:15 AM BST) -- Britain's legal services regulator is considering restrictions on the fees that law firms charge their clients for taking cases of wrongful selling of financial products, in line with proposals set out by the Financial Conduct Authority for claims managers.

The Solicitors Regulation Authority said on Wednesday that it is looking into whether to limit the fees for law firms that take cases from consumers seeking to make a claim against finance companies for misselling products or services, such as payment protection insurance. That practice led to a costly scandal for the sector.

The regulator must prevent lawyers from charging excessive fees for...

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