FSA will not regulate CMCs says Briault

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The Financial Services Authority has given its clearest signal yet to the government it wants nothing to do with the regulation of claims management companies.

In what could be considered nothing less than a blunt refusal to deal with claims chasers, Clive Briault, managing director of retail markets at the FSA, told the All Party Parliamentary Group on Insurance and Financial Services on Wednesday, the City Watchdog felt it was not the right organisation to regulate the activities of CMCs. He said: “I do not think we are best placed to regulate personal injury claims. There has to be a point at which we say we refuse to regulate in an area where we have not expertise.” He also hinted by the time legislation was passed, to regulate the activiti...

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