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FCA regulation now in effect for claims management companies

Jaclyn Jaeger | April 3, 2019

The U.K. Financial Conduct Authority has issued a reminder for the claims management industry: As of 1 April, all claims management companies in England, Scotland, and Wales will now have to demonstrate that they meet and maintain minimum standards set by the FCA. 

Concerns about misconduct by some claims management companies (CMCs) sparked a government review that led to a change in regulation. The changes, announced by the FCA on 1 April, result from the independent Brady Review of the U.K.’s claims management industry. The Financial Guidance and Claims Act 2018 transfers the regulation of CMCs from the existing Claims Management Regulator, which is part of the Ministry of Justice,...

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