Claims Management

Regulatory Counsel can help businesses who are seeking to apply for or renew their authorisation (licence). Our team of experts will spend time understanding your business model and structure, guide you through the entire process step by step, and work closely with the regulator to ensure a smooth authorisation for your business. 
 
A claims management company is a business that chooses to offer claims management activities to consumers. The Financial Conduct Authority has taken over from the Claims Management Regulator  with regards to regulating claims management companies from 1st January 2019. Firms will have a 3 month window until the 31st March 2019 to register with the FCA if they wish to continue providing regulated claims management activities. If you do not register by this date you will not be able to provide regulated claims activities from the 1st April 2019.

Who is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) regulates companies that offer a service for people looking to make a claim for compensation and ensures that they comply with its rules and regulations, and conditions of their authorisation

The Financial Conduct Authority is responsible for:

  • Issuing licences to businesses wishing to offer claims management services

  • Taking action when a regulated claims management firm breaks compliance rules

  • Carry out regulatory and criminal investigations

  • Dealing with unauthorised/unlicensed companies offering claims management services.

What is an MOJ Licence?

An 'MOJ' or a claims management licence is a confirmation that a company is authorised and approved by the Claims Management Regulator to offer claims services. Prior to 2019, it regulated and governed claims management companies. From 2019 however, the Financial Conduct Authority will regulate all claims management companies and takover from the Claims Management Regulator.

Do I need a claims management licence (authorisation)?

The FCA regulates the following 6 areas:

  • Personal Injury, such as road traffic and work-related accidents

  • Mis-sold financial products and services, such as mis sold PPI and packaged bank accounts

  • Criminal Injury

  • Industrial injury

  • Housing disrepair, such as disrepair of a house under a tenancy agreement

  • Employment and redundancy, such as wrongful or unfair dismissal, discrimination and harassment.

What are Regulatory Counsel's fees to manage my FCA claims management licence application?

Our fees depend on the licence or authorisation you wish to apply for and the service you wish to offer. When you contact us, we go through a number of things, such as your business directors, business plan, claims management services you wish to offer, any exemptions, whether an claims management licence is required and your suitability. Once we are satisfied that you are suitable and are likely to obtain the licence, we will provide you with a quote of our fees.  

How long does it take to obtain the licence?

The FCA is currently finalising its rules and how it will manage application concerning claims management firms. We believe that this period will be 12 weeks.

Can Regulatory Counsel help us with compliance?

We can help businesses with their compliance requirements in addition to applying for a licence. Whether you require assistance with writing policies or ongoing management of compliance, we can help you. 
To discuss your requirements, please contact us on info@regulatorycounsel.co.uk or call us on 0207 164 6876

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