'Problem cases' prompt FCA to threaten to remove CMC cowboys' permissions

'Behaviour of rogues'

Hannah Godfrey
clock • 3 min read

The FCA has written to remind claims management companies (CMCs) of their regulatory obligations after some were accused of poor behaviour and underhand tactics to gather the personal data of advisers' clients, PA can reveal.

The letter, which was sent from the regulator's director of supervision - retail and authorisations Jonathan Davidson and addressed to temporary permissions holders, said failure to comply with its rules could see CMCs have their temporary permissions revoked or have requirements placed on them. "I am writing to remind you of our expectations of CMCs when they carry out financial promotions and/or act for their customers," Davidson wrote. "This is because we have recently seen an increase in problem cases, and want to ensure customers' interests are protected." The Financial Conduct A...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisers report under 50s make up growing chunk of client banks

Advisers report under 50s make up growing chunk of client banks

Under 40s make up almost a third, FE Fundinfo research finds

Sophia Panayi
clock 02 June 2026 • 2 min read
How the 100-year life is reshaping financial planning

How the 100-year life is reshaping financial planning

'The financial planning sector needs to continue to evolve'

Chris Ball
clock 02 June 2026 • 4 min read
Tax a 'significant issue' for clients but capital loss tops concerns

Tax a 'significant issue' for clients but capital loss tops concerns

IHT on pensions concern near universal, Schroders finds

Sophia Panayi
clock 02 June 2026 • 3 min read