One in six ambulance chasers failed to get FCA authorisation so far

Still processing 590 applications

Hannah Godfrey
clock • 2 min read

A total of 42 claims management companies (CMCs) have either withdrawn their application or been denied regulatory approval by the FCA, a freedom of information request by Professional Adviser has revealed.

Last April more than 900 firms applied for temporary regulatory permissions so they could continue operating while they went through the regulator's authorisation process. The temporary permissions mean firms are expected to comply with Financial Conduct Authority (FCA) standards and could face action if they do not. PA can reveal so far the FCA has approved 203 CMCs, while 41 withdrew their application and one firm was denied full regulatory authorisation. That means, approximately one in six CMCs have not received regulatory authorisation. The financial watchdog is still processing ...

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