Regulator set to cap 'excessive' CMC fees
Maximum 30% of redress
Sheldon Mills: "We estimate that the proposed cap on fees could save consumers around £9.6m a year."
Claims management companies (CMC) will have their fees capped at a maximum of 30% of the customers' redress under plans outlined by the Financial Conduct Authority (FCA).
The regulator said today (21 January) some consumers currently face charges of more than 40% on the redress they receive via claims management outfits. It said the proposed cap would mean firms would...
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