LNB News 30/01/2025
Document Information
Issue Date: 30 January 2025
Published Date: 30 January 2025
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Financial Conduct Authority (FCA) has published a portfolio letter to the claims management sector, setting out its updated view of harms and risks that claims management companies (CMCs) pose, and priority areas for FCA supervision of CMCs. The FCA is encouraged by improving standards but warns of areas where firms are failing to meet regulatory requirements. The FCA’s supervisory focus for the next two years is on CMCs embedding the Consumer Duty, the service standards provided by CMCs, issues around personal injury, and lead generation. In particular, the FCA warns CMCs to ensure consumers understand the FCA’s temporary changes to handling rules for motor finance complaints, before they enter into a service contract.
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