Good Practice Guide
04 March 2019
05 March 2019
Learn about the changes in regulator affecting Claims Management Companies (CMCs).
Due to the passing of the Financial Guidance and Claims Act 2018 (FGCA 2018) into law, regulation of Claims Management Companies (CMCs) will pass to the FCA on 1 April 2019. This follows a period of consultation where the FCA proposed their new changes to regulation. In line with this, the Financial Ombudsman Service (FOS) will also become responsible for resolving customer disputes.
This Good Practice Guide examines what the effect of these changes will be, what CMCs need to be aware of and what potential changes could arise at a later date. The following areas are explored;
- Changes in regulator
- What activities and claims sectors will be regulated?
- What impact will there be on claims professionals?
- Establishing new standards
- Customer disputes
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), Society of Claims Professionals or Chartered Insurance Institute, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the Society or Chartered Insurance Institute.