The Financial Conduct Authority (FCA) has begun regulating the claims management industry from today (1 April).
All claims management companies (CMC) in England, Wales and Scotland will now have to demonstrate that they meet and maintain minimum standards set by the regulator.
The FCA added that all CMCs will need to apply to the watchdog for authorisation.
According to the regulator more than 900 CMCs have registered for temporary permission to continue operating while they go
- RSA boss Egan "not defensive" about broker criticism
- Andy Briggs to leave Aviva
- Qudos replacement policies reignite unrated debate
- Hiscox report shows cyber attacks are on the up
- Slow take-up of standardised Toba template was expected, says Biba
- Experts predict further changes at Aviva following Briggs' exit
- FCA re-examines duty of care as report warns customers at risk of harm