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FCA to crack down on ambulance chasers

Advice advisers eraserClaims management companies must be more specific on separate permissions and competency when they come under the remit of the FCA, according to HM Treasury.

Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal injury compensation, and employment.

FCA updates guidance on ‘basic advice’ under Mifid II

The Treasury warns the regulator will look for demonstration of specific and suitable competency for the sector in which the company decides to operate.

The Treasury says: “This will make it possible for the FCA to take into account the different types of work across each sector and different activities.”

Companies will require separate permissions depending on the specific activities and sectors of their operation, with some also requiring several permissions.

Regulated areas for claims management companies currently cover marketing and communications, advertising, referrals and introductions of claims, and representation.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. High time there was a lasso placed around the neck of the ‘cowboys’!!

  2. It is disappointing to have it confirmed that these firms – many of whom are practised fraudsters – will be grandfathered across to FCA authorisation and will be allowed to continue defrauding, unmolested, for 15 months before they come under any kind of scrutiny.

    Compare this with the RDR experiment where 35% of advisers left the industry because grandfathering of experienced advisers was disallowed.

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