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A total of 42 claims management companies (CMCs) have either withdrawn their application or been denied regulatory approval by the FCA, a freedom of information request by Professional Adviser has revealed.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

To continue reading this article...

Join Professional Adviser

  • 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 Regulation

Port Talbot, Wales

FCA slaps £2.4m fine on liquidated firm over British Steel failings

Pembrokeshire Mortgage Centre traded as County Financial Consultants

Hope William-Smith
clock 02 December 2022 • 2 min read
Autumn Statement 22: Solvency II reform package outlined

Autumn Statement 22: Solvency II reform package outlined

Reforms cut risk margin and overhaul certain eligibility rules

Jonathan Stapleton
clock 17 November 2022 • 3 min read
FOS to change funding model levy and trial new group fee arrangement

FOS to change funding model levy and trial new group fee arrangement

Compulsory jurisdiction and voluntary jurisdiction set for overhaul

Hope William-Smith
clock 16 November 2022 • 2 min read