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FCA invites CMCs to register for authorisation

The FCA has opened a register for claim management companies. The CMCs have until end of March to register with the regulator to be able to operate within a temporary period before being fully authorized by the FCA.

The FCA has been tasked with overlooking the CMCs, replacing the Claim Management Regulator. Registering requires CMCs to fulfill the FCA’s “minimum standards” and makes them subject to the regulator’s action should the company fail to comply.

Within these standards, the City watchdog asks CMCs to disclose their fees upfront, as well as to disclose that there might be free alternatives such as the Financial Ombudsman Service, in marketing material and pre-contract disclosures.

FCA to bill claims managers for cost of regulation

Apart from that, the FCA requires firms who obtain so-called lead lists from the third parties to carry out due diligence on whether this data has been obtained legally and keep records of this.

Upon registering, the firms will have to apply for authorisation between April and end of July.


Equity release a growing market for solicitors – Pru

Research from Prudential conducted among UK private client solicitors shows a growing need for advisory work in equity release. Twenty nine per cent of solicitors believe demand for legal guidance in the area of equity release will increase in the next five years and over the last two years, one in four (26 per cent) […]

Offshore amnesty could bring in 5bn

The Government’s amnesty for UK taxpayers with undisclosed offshore bank accounts could net the Treasury up to 5bn.


Profile: OMGI’s Stephen Message on running £1bn at age of 25

Most people at the age of 25 have their worries in life but none of those usually concerns running a £1bn fund. Old Mutual Global Investors’ Stephen Message’s experience is different. Now in charge of the £140m Old Mutual UK Equity Income fund, Message says he has been fortunate on the path to his current […]


Alan Lakey: Catch-22 on commercial decisions

I am a great fan of commercial judgement.  After all most readers would not still be in business if they or their employers hadn’t made sound commercial determinations at some point. Of course, not all commercial judgements are sensible or even well thought through and the end result can be detrimental to one or more parties.  […]


Minimal compliance: Is it enough?

Along with global legal practice Eversheds Sutherland, we look at why employers may want to do more than simply meet the legal minimum in terms of their auto-enrolment duties. Our new policy paper — ‘Automatic enrolment and the law – how far do employers’ duties extend?’ — summarises current minimum duties of employers to enrol […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. Any chance of them being required to:-

    1. meet a minimum qualifications standard? Or

    2. Undertake an appropriate number of CPD hours every year? Or

    3. Submit (meaningful) equivalent GABRIEL/RMA return? Or

    4. Be subject to compliance visits? Or

    5. Be subject to severe punishment for lying (as many of them routinely do)?

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