Why claims management companies shouldn't escape the wrath of regulators

CMCs must be held to similar standards as advisers

clock • 4 min read

As regulators continue to, rightly, crack down on Consumer Duty offenders, they should remember that applies to claims managers too, writes Justin Cash

We're a year on from the Consumer Duty, and what a ride it's been. Fee cuts. Model changes. Paperwork. (Mostly paperwork.) Advisers have been asked a barrage of questions from the regulator. One of the many surveys sent by the watchdog that I've seen asks for details of everything from value assessments and communications strategies to vulnerable customer plans and the closed product implementation deadline. But now the landmark reforms are starting to bed in, I can't help thinking: are the businesses bringing all the complaints about Consumer Duty breaches themselves subject to any s...

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 Regulation

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read
Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read
Targeted support: 38,000 current advice users expected to switch

Targeted support: 38,000 current advice users expected to switch

Firms could generate up to £499 in revenue per customer

Isabel Baxter
clock 30 June 2025 • 4 min read