Regulation fees paid by claims management companies

Closed 13 Dec 2013

Opened 15 Nov 2013

Results Updated 17 Feb 2014

This is a response to the consultation on fees for applications for authorisation and annual fees for the regulation year 1 April 2014 to 31 March 2015 for claims management companies. 

Files:

Overview

This consultation invites views on the fees for applications for authorisation and annual fees for the regulation year 1 April 2014 to 31 March 2015 for claims management companies.

Why We Are Consulting

The claims management regulation regime is self financing, with applicant and authorised claims management companies meeting the costs of regulation through the payment of authorisation fees.
 
The fee levels are set in advance of the year to which they apply. They are calculated based on the number of new claims management companies predicted to apply for authorisation, the turnover of current authorised claims management companies together with the proportion of claims management companies expected to maintain their authorisations both in year and into the following year. 
 
A number of reforms took place in 2013-2014 which have led to a 20% contraction of the claims industry, however as levels of consumer and third party detriment remain high it is necessary to expand the Claims Management Regulator to implement further policies targeting detriment.
 
The consultation sets out the proposed fees for the regulation year 1 April 2014 to 31 April 2015.

Audiences

  • Businesses
  • Citizens
  • Claims management services
  • Government departments
  • Legal professionals

Interests

  • Compensation
  • Damages
  • Claims management