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.
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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.