Regulation fees paid by claims management companies

Closed 18 Dec 2014

Opened 20 Nov 2014

Results Updated 5 Feb 2015

A total of 41 responses to the consultation paper were received. Of these, 35 were from authorised claims management companies; 2 were from affected financial service providers and 4 from members of the Claims Management Regulatory Consultative Group.
 
Overall there was acknowledgment for the necessity of increasing fees over 2015-2016, and the difficulties this presents in terms of recent industry contraction and the general reduction of average annual turnover in the industry. There was clear support for the proposals to raise the application fee from £1,400 to £2,000 and a high level of support for raising the flat-rate fees beneath the £88,889 annual turnover threshold level.

Files:

Overview

This paper sets out the levels at which claims management regulation fees (the fees collectable for applications for authorisation and the costs incurred by the Regulator through direct regulation of authorised CMCs) will be set for the 2015-16 regulatory year and proposes the methods of calculation by which they will be collected.

This consultation is aimed at persons authorised to provide claims management services in England and Wales under the Compensation Act 2006 and those CMCs and individuals contemplating making an application for authorisation.  View the Register of authorised persons.

Audiences

  • Claims management services

Interests

  • Claims management