A report into the claims management sector was published as part of the Budget yesterday.
The key decision was for regulation of claims management companies (CMC) to transfer from the Ministry of Justice to the Financial Conduct Authority (FCA).
Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “After many years of campaigning for a more robust regulatory regime for claims management companies, we welcome the government’s decision to ask the FCA to apply such a regime so that CMC customers can be confident of fair treatment.”