APFA urges action against CMCs to take strain off advisers

APFA's report endorses the MOJ's Carol Brady Review, which proposes transfer of the regulatory responsibility of CMCs to the Financial Conduct Authority. The MOJ consultation also argues that CMCs should re-apply for authorisation under a robust new regime and that CMCs that do not investigate the accuracy of their allegations should be penalised. It argued that the Financial Ombudsman Service (FOS) or a financial services firm should be responsible for reporting fraudulent claims and the CMC's authorisation should be suspended according to the MOJ. APFA has backed all of these propos...