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.
We consulted on how we propose to regulate CMCs in CP18/15, published in June 2018. We are now consulting on how the Senior Managers and Certification Regime (SM&CR) will apply to CMCs. 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.
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:
Please send us your comments by 6 December 2018. You can send them to us using the online response form:
We are also considering holding some events this Autumn where firms can hear more about our proposals and we can listen to feedback. We will email CMCs that are currently authorised about the events and other CMCs that are interested in attending the events can sign up here.
You can also:
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.