Complaint resolution will transfer from the Legal Ombudsman to the Financial Ombudsman Service from 1 April 2019.
Claims management companies are currently regulated by the Claims Management Regulator, but will transfer to the FCA on 1 April 2019.
When claims management regulation transfers to the FCA, the Financial Ombudsman Service will become responsible for resolving disputes about CMCs.
CMCs will no longer have to contribute towards Legal Ombudsman costs, but will instead have to pay towards the Financial Ombudsman Service costs.
The FCA collects some fees on behalf of the Financial Ombudsman Service – invoices will be sent to CMCs by the FCA after 1 April 2019.
Read about proposed Financial Ombudsman Service fees for CMCs in our fees consultation paper, CP18/23.