BREAKING NEWS!! Claims Management Companies to be regulated by the FCA

The regulation of claims management companies will pass from the Claims Management Regulator (CMR) to the FCA next year. All firms will need to apply for permission to continue to trade, pending a full application. The proposed rules are extremely tough, especially surrounding client money and the use of lead generators. Telephone recording is mandatory. We expect a significant number of claims management companies will exit the business, both because of the new capital requirements and the ‘Fit & Proper’ test. Create Solutions have over ten years’ experience of assisting claims management companies and helping firms achieve authorisation. We are also expert on the client money rules and can assist you in obtaining authorisation and with on-going support. Do not underestimate the mountain you have to climb and if looking for compliance support, choose someone with existing claims management experience. Once size does not fit all!

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