Regulatory Alerts2018-08-20
CP18/23: Claims management companies: recovering the costs of FCA regulation and the Financial Ombudsman Service
The Financial Conduct Authority proposes fee structures to recover the costs of regulating claims management companies following the transfer of regulatory responsibility from the Claims Management Regulator on 1 April 2019. The consultation outlines tiered application fees and periodic fees based on turnover, requiring firms to pay the 2019/20 fee in advance when registering for temporary permission to ensure fair cost distribution. Additionally, the document details proposals for recovering the costs associated with the Financial Ombudsman Service's general levy and case fees for these companies.
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