CMR: Claims Management Regulation

The authorisation of a number of firms has been suspended for failing to comply with the conditions of their authorisation. A full list of suspended businesses is available to view here.

On 27 July the Office of Fair Trading announced that a test case on bank charges is being referred to the High Court. The Financial Ombudsman Service has announced that pending the outcome of the case it has put its own work on hold; a similar response is expected from the county courts. This means that where a consumer has made a complaint through a claims management company then no further action is likely to be taken on the complaint until the test case is settled. Claims management businesses are being reminded that they must act in accordance with the contract that they have with clients. In many cases this will mean the claims management company putting the case on hold until the test case is settled. Claims management companies are being advised to communicate directly with their clients when they have considered the implications of the OFT announcement on their contracts. More details of the effect of the OFT announcement are given in a Financial Ombudsman Service press release which can be found in the Claims in respect of bank charges guidance note.

CMR: Claims Management Regulation Newsletter, 22 June 2007

CMR: Companies providing claims management services for people reclaiming unfair bank charges, 15 May 2007

CMR: Claims Management Regulation Newsletter, 25 April 2007

DCA press release: regulation in full force, 23 April 2007

CMR: Claims Management Regulation Newsletter, 28 March 2007

CMR: Consutation document on professional indemnity insurance published, 23 February 2007

CMR: Update on applications seeking authorisation, 19 February 2007

CMR: Claims Management Regulation Newsletter, 2nd February 2007

CMR: Claims Management Regulation Newsletter, 14 December 2006

DCA press release: Claims management regulation imminent, 30 November 2006

Speech Implementing the regulation of claims management services, by Mark Boleat to Claims Standards Council, 15 November 2006

DCA press release: Claims Management Regulation Shapes Up, 15 September 2006