'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...

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