This is the response of the Alliance of Claims Companies to the FCA published consultation paper (5th June 2018) in relation to the transfer of regulation of CMCs. On 1 April 2019 the FCA will become the regulator of claims management companies (CMCs) established or serving customers, in England, Wales and Scotland. At the same time the Financial Ombudsman Service (Ombudsman Service) will become responsible for resolving disputes about CMCs.

The Consultation Paper (CP) set out the draft rules and guidance they propose to make in relation to claims management activities and the standards they think CMCs should have to meet. They also set out why and how they enforce rules, and the process for CMCs to become authorised by them.

The Financial Conduct Authority has issued a further consultation paper as it seeks to introduce a time-bar to PPI claims, and further to that, seeks further views on dealing with Plevin cases. This paper, which also contains responses to the original CP15/39, can be accessed below. ACC members are encouraged to consider presenting a formal response to this document, and an overarching industry response will be drafted after member meetings.

This consultation paper sets out proposals to place restrictions on the level of fees that regulated Claims Management Companies (CMCs) can charge consumers in the financial products and services claims sector.

In early 2016, the Alliance of Claims Companies was invited to join the BBA's CMC Liaison Group. The group comprises of members of the BBA - high street banks and others, and it is co-chaired by the BBA and the PFCA. The issue that the group first addressed was to agree a statement of principles for letters of authority (LoA) for PPI complaints.

In November 2015, the FCA issued a consultation paper on proposed new rules and guidance for PPI complaints.

This consultation process is now closed to responses and we are awaiting the FCA’s response to their consultation.