We expect to take over responsibility for regulating claims management companies from the current regulator, the Claims Management Regulator, in Spring 2019.
What this means for claims management companies
You do not need to do anything straight away. We will publish more information over the next few months which will explain what you will need to do to be authorised by the FCA. If you would like email updates about when and how to respond to our consultations, new publications, events and other claims management-related news, sign up.
The Treasury is consulting on a two-stage process for firms to become authorised by the FCA:
- registering for temporary permission and paying relevant fees: you will need to do this before the transfer to the FCA
- applying for full authorisation: you will need to do this after you transfer to the FCA
There is more general information about FCA authorisation in the authorisation section.
FCA rules and guidance
Anyone authorised by us must follow rules about how they conduct their business and treat their customers. We set out our rules and guidance in the FCA Handbook. For more information, see the Handbook section.
We will be consulting on how we propose to regulate claims management companies and the fees we propose to charge. This will be an opportunity for claims management companies and other interested parties to provide us with feedback. We will consider all responses to the consultations before we finalise our rules.
Background to the transfer of claims management regulation
The Financial Guidance and Claims Act 2018 enables the transfer of regulation to the FCA and extends the FCA’s regulation of CMCs to Scotland. At the same time, responsibility for deciding complaints made by consumers about claims management companies will transfer from the Legal Ombudsman to the Financial Ombudsman Service.
Find out more
Our Mission explains our approach to regulating financial services.
Details on how to contact us.
Information for consumers
Find out about using a claims management company to complain about PPI
Check if a claims management company is authorised by the Claims Management Regulator, by using the Claims Management Regulator’s Authorised Business Register.