Firms must assess CMC claims promptly and fairly, regulators warn

The regulators said that third party complaints fell under the FCA rules, requiring firms to handle the complaints fairly, consistently and promptly. They said they were monitoring claims for signs of ‘frivolous or vexatious' activity, while the CMR is cracking down on poor behaviour among CMCs and has already tightened its conduct rules for firms. However, in practice vexatious claims are relatively rare, they claimed. Advisers have previously criticised the Ministry of Justice (MoJ), which runs the CMR, for failing to protect firms from invalid mis-selling cases leveled by claims...