FCA: Regulation of claims management companies to cost them £16m

The FCA will become the regulator of CMCs established or serving customers in England, Wales or Scotland from 1 April 2019. At the same time, the Financial Ombudsman Service will become responsible for resolving disputes about CMCs. The regulator said it intends to recover £7.1m of the expected costs through periodic fees in 2019/20 with the remaining balance spread over the years following. CMCs will also have to pay application fees - those with turnover up to £1m will pay £1,200 while those with a turnover of more than £1m will pay £10,000. In June the FCA proposed forcing claims m...