HMRC has issued a review of claims management regulation to provide a more consistent outcome in the way that claims management companies (CMCs) conduct business.
Some of the recommendations to be considered include:
- Further reform to existing regulation, with new resources and powers to the Claims Management Regulation Unit (CMRU), the regulatory body for CMCs.
- Dual regulation between the CMRU and the FCA.
- Creating a new independent regulator.
- Transferring responsibility for regulation of CMCs to the FCA.
Final recommendations will be made in early 2016.