This paper sets out how we propose to regulate claims management companies when the responsibility for regulating this sector transfers to us in April 2019.
On 1 April 2019 we will become the regulator of claims management companies (CMCs) established or serving customers, in England, Wales and Scotland. At the same time the Financial Ombudsman Service (Ombudsman Service) will become responsible for resolving disputes about CMCs.
This Consultation Paper (CP) sets out the draft rules and guidance we propose to make in relation to claims management activities and the standards we think CMCs regulated by us should have to meet. We also set out why and how we enforce our rules, and the process for CMCs to become authorised by us.
This CP also sets out proposed changes to the voluntary jurisdiction of the Ombudsman Service, and is a joint consultation with the Ombudsman Service on those changes.
Who this applies to
These proposals will be of interest to:
This consultation has now closed. We will review all responses, speak to interested stakeholders and publish our feedback and final rules in a policy statement, which will be published in Q4 2018.