Learn more about the annual reporting requirements for claims management companies (CMCs).
Who needs to submit returns
The reporting requirements apply to all firms with permissions to carry on regulated claims management activities, including firms with temporary permissions.
Timing and method of reporting data
Reports must be submitted to the FCA electronically within 30 business days of the end of the relevant reporting periods.
The only exceptions to this are any CMCs with an accounting reference date (ARD) between 1 April 2019 and 30 June 2019, inclusive. These CMCs will not be required to report until their first ARD, which occurs on or after 1 July 2019.
How to find your ARD
Companies House provides a useful guide to Accounting Reference Dates (ARD) online. If you’re not sure when your ARD is, you can check your accounting reference period and filing date by using the Companies House service.
The glossary in our Handbook provides a definition and information on the ARD for regulation.
What to submit
We will collect the following regulatory data from CMCs electronically starting from 29 June 2019:
- Annual Claims Management Report CMC001 Key data from claims management companies (which we specify in our Handbook at SUP 16.25 and SUP 16 Annex 45A with guidance notes in our Handbook at SUP 16 Annex 45B).
- CMC-Complaints – we specify our requirements in our at DISP 1.10, including complaints reporting rules 1.10.1R(3)(b) and DISP 1 Annex 1AB Claims management complaints and redress return form.
How to submit your return
CMCs that registered for temporary permissions (TP) only, as well as firms with existing FCA regulated activities, can submit their return if they registered for claims management temporary permissions. There are 2 main steps:
- Go to our online reporting system for CMCs (from 29 June 2019).
- Prepare, validate and submit CMC001 and CMC Complaints (DISP) using the links we provide on the system.
Reporting schedule
You can find more information about the requirements in our Handbook. Please see DISP TP 1.1 Transitional Provisions Table at paragraphs 47 R(2) and R (3).
Late returns
The reporting requirements have strict time limits under our rules. Generally, if your firm does not meet these, you will be charged an administrative fee of £250.
If your firm does not submit the information required, we may take enforcement action. In some circumstances this might result in you losing your permission to carry out regulated activities.
Maintain your email address
We will email the principal user’s email address in the system. It is your/their responsibility to make sure this address is up to date.
If you have any questions, call us on 0300 500 0597.