The FCA took over the regulation of Claims Management Companies (CMCs) on 1 April 2019 and required all firms wishing to continue offering services in these areas to apply for full authorisation.

This involved two application windows and the final one closed on 31st July 2019. The FCA are now assessing applications with the requirement that to continue trading firms must be authorised by 31st July 2020, or within 12 months of submitting their application, whichever is sooner.

In many cases applications will be incomplete on initial submission, meaning the FCA have additional questions and require further information. Some firms may find it challenging to respond to these questions and we can offer support with this. In our experience there are many different questions, but the majority relate to the following five areas:

  • How to prepare the compliance suite of policies and procedures, such as the Business Continuity Plan and Treating Customers Fairly policy

  • How to write, and what to include in a Regulatory Business Plan

  • Understanding regulatory capital requirements, including client money

  • Preparing acceptable financial forecasts

  • Completing CMC Individual Forms

We’ve supported numerous CMCs with their applications and have helped more than 1,100 firms successfully become authorised by the FCA. We have the knowledge and experience to assist firms in responding to FCA queries ensuring applications move forward quickly and with the minimum amount of time and effort.

We then work with CMCs on a consultancy or retainer basis to help manage their compliance obligations:

  • The implementation and monitoring of compliance, governance and conduct risk frameworks

  • If the FCA raise an issue, we can assess the status and develop a remediation plan
  • Provide compliance healthchecks of the complete customer journey, from the initial promotion through handling complaints to identifying improvements using a red, amber, green (RAG) rating system

  • Clients enjoy the use of our regtech resources, including our client portal, SM&CR System and e-learning platform, to support compliance management and training

We offer practical, friendly guidance in a timely, proficient way and work with all claims management sectors, from personal injury through housing disrepair to criminal injuries. We understand them all and will tailor our support to your unique requirements.

 

You might also be interested in

Appointed Representatives

RegTech powered service to onboard and monitor ARs, providing better visibility and control and evidencing FCA compliance
Find out more

FCA Authorisation

Managed over 1,100 new applications and won awards in recognition of the efficiency, effectiveness and quality of our service
Find out more

FCA Training

E-learning, classroom training and board briefings to help claims management firms meet FCA Training and Competence obligations
Find out more

OUR TEAM

Includes ex-regulators, industry practitioners and subject matter experts

Through the breadth and depth of their collective expertise and experience, we offer an outstanding service. Reducing the regulatory burden, minimising your time and resources,  and ensuring that compliance makes a positive contribution to your business.

Meet our team