The Association of Independent Financial Advisers (AIFA) has called for claims management companies (CMCs) to be regulated by the Financial Conduct Authority (FCA).
With the Ministry of Justice (MoJ) proposing new rules on the regulation of these firms, AIFA said one of the main problems at the moment is lack of resources. Chris Hannant, the trade body's policy director, said: "In the interests of consumer protection, we must ensure that sufficient resources and expertise is applied in this area. "This means transferring regulation of CMCs to the new regulator, the Financial Conduct Authority. "Failing that, the Ministry of Justice must be more proactive in monitoring and enforcing claims management companies' compliance with the rules." Ha...
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