This paper sets out our proposals for applying our Senior Managers and Certification Regime (SM&CR) to claims management companies (CMCs).
On 1 April 2019, we will become the regulator of CMCs established in, or serving customers in England, Wales and Scotland.
Our consultation on how the Senior Managers and Certification Regime (SM&CR) will apply to CMCs is now closed. Firms should read our Consultation Paper for further information about when the SM&CR may apply to them and what action they will need to take. We will publish a Policy Statement on our approach and the outcome of the consultation in the next few months.
These proposals will be of interest to all existing CMCs intending to continue trading from 1 April 2019 onwards, and to all businesses considering establishing CMCs in the future. This includes:
Firms that wish to continue trading from 1 April 2019 will have to register for temporary permission (TP) between 1 January – 31 March 2019. They will subsequently be able to apply for full authorisation.
We provide a dedicated page for CMCs which contains more information on our regulation of the sector. Firms can also sign up to receive email alerts.