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Claims management regulation consultation on FINING DODGY CMC's

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  • Claims management regulation consultation on FINING DODGY CMC's

    Claims management regulation

    Overview

    In December 2013, the Compensation Act 2006 was amended by the Financial Services (Banking Reform) Act 2013 to give the Secretary of State power to make regulations that would enable the Claims Management Regulator to impose a financial penalty on any regulated claims management company found to be in breach of the conditions of authorisation. As a result, the Regulator’s enforcement toolkit is to be expanded accordingly.

    The proposed expansion means that the Regulator will have the option to impose a financial penalty as an alternative or in addition to its current powers to vary, suspend or cancel a regulated CMCs authorisation for a breach of the conditions of authorisation.

    The consultation paper sets out the proposed financial penalties scheme that would be implemented by the Regulator and is aimed at all regulated CMCs providing regulated claims management services within England and Wales, the Regulatory Consultative Group (RCG), The First-Tier (Claims Management Services) Tribunal and any other party with an interest in claims management matters.


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  • #2
    Re: Claims management regulation consultation on FINING DODGY CMC's

    Consultation Questions

    1 Do you have any comments regarding the manner in which an initial assessment of the nature and seriousness of a breach or breaches will be made in order to formulate an initial proposed penalty level?

    2 Do you have any comments regarding the intention to separate the applicable penalty scales between CMCs that report less than £500,000 and those that report £500,000 or above turnover in the 12 months prior to the start of an investigation?

    3 Do you have any comments regarding the proposed minimum financial penalty of £500 for CMCs that report less than £500k turnover and 0.1% of turnover for those that report £500,000 turnover or above?

    4 Do you have any comments regarding the proposed maximum financial penalty of £100,000 for CMCs that report turnover of less than £500,000 and 20% of turnover for those that report £500,000 or above?

    5 Do you have any comments regarding the proposed manner in which the Regulator intends to make a final assessment of a financial penalty?

    6 Do you have any other comments regarding the intention to remain consistent with the current enforcement procedure when considering and imposing a financial penalty?

    7 Do you have any comments regarding the proposed changes to surrender of authorisation procedure?

    8 Do you have any evidence regarding the potential impact that the availability of an additional financial penalty sanction could have on businesses? We would be particularly interested to understand the impact the proposals might have on Micro, Small and Medium sized businesses.

    9 We welcome your views in terms of any potential equality impacts of the proposals. Are there other ways in which these proposals are likely to impact on race, sex, disability, sexual orientation, religion and belief, age, marriage and civil partnership, gender reassignment or pregnancy and maternity that you are aware of? If so, please tell us how, together with any supporting extra sources of evidence.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

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