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FCA teams up with CMA to promote claims competition

The FCA and Competition and Markets Authority will work together to ensure effective competition for consumers using claim management companies.

Responsibilities of the Claims Management Regulator, which regulated companies providing claims management services to England and Wales, were passed on to the FCA on 1 April 2019.

The FCA and CMA  have updated their cooperation agreement, which allows them to enforce updates to the regulatory framework for the claim managers, who help consumers seek compensation from finance companies.

In the updated “memorandum of understanding”, published yesterday, the FCA and CMA said they would work together to investigate cases of suspected anti-competition behaviour by CMCs.

FCA invites CMCs to register for authorisation

As part of the FCA’s new remit over CMCs, the companies must meet and maintain a set of FCA standards, which also include directly pointing customers to the Financial Services Compensation Scheme and the Financial Ombudsman Service as available services.

The FCA also requires firms that obtain lead lists from the third parties to carry out due diligence on whether this data has been obtained legally and keep records of this.



Charles Stanley acquires Leeds-based DFM

Charles Stanley has acquired Leeds-based discretionary investment management firm Myddleton Croft for an undisclosed sum. The wealth manager said it is looking to recruit additional investment managers as part of its growth plans for the firm. Myddleton provides discretionary investment management services and model portfolios to individuals, trusts, pension funds, charities and their advisers. The […]

Phil Wickenden: Cut your systems some slack

Deadlines work. They work because they focus the mind and create urgency. They work to get us to file our taxes or finish a project. They’re an external lever for the work we have to do. On the other hand, pudding works too. You don’t need an external force to encourage you to eat pudding […]

Judge adjourns plea hearing for ethical investment fraud case

The plea hearing for the former director of ethical investment scheme Global Forestry Investments has been adjourned until October. Earlier this month the Serious Fraud Office revealed it had charged Andrew Skeene in relation to alleged frauds concerning the company between August 2010 and December 2015. A scheduled plea hearing was postponed on Monday to […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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