Regulations
By Sydney TheCMO
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Regulators crack down hard. The Financial Conduct Authority and Solicitors Regulation Authority dropped a joint warning today targeting claims management companies and law firms…
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Both watchdogs want firms to run proper checks before taking on clients, making sure nobody else is already working the same claim.
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Sheree Howard from the FCA didn't mince words: "Firms must confirm no other representative is already instructed before proceeding. Any termination fees must be reasonable.
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Both agencies plan to keep hammering CMC and law firm practices, going after any sloppy procedures they find.
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Problems with onboarding, consumer info, and sketchy advertising have created this dual representation nightmare.
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Starting February 5, they're launching an awareness campaign warning consumers about fraudulent car finance lenders.
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Consumers don't actually need to hire a CMC or law firm to claim compensation - doing so just means paying hefty fees for something they can handle themselves.
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The FCA keeps tweaking its oversight approach. Back in October, they confirmed they're examining exit fees closely.
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The SRA updated its claims management guidance to cover termination fees and multiple representation issues.
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Both authorities keep watching the regulatory landscape closely, staying committed to consumer protection in motor finance claims as things keep developing.
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The SRA reported on January 31 that investigations into those 71 law firms managing high-volume consumer claims continue.
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As of October last year, the FCA has been actively refining regulations around exit fees, leveraging powers under the Digital Markets, Competition and Consumers Act 2024.
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The FCA-SRA collaboration shows a united front against malpractice in the claims management industry.
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On February 4, the FCA stressed consumer awareness importance in its latest communication. The authority said consumers should know all their options before deciding to engage…
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The SRA's Warning Notice from January 2026 demands law firms clearly communicate all potential costs upfront.
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