FCA: Claims management companies

FCA reports that it has joined with SRA, ICO and ASA to tackle misleading advertising and inadequate information provided by some claims management companies and law firms working on motor finance claims, and the risk that excessive fees are charged to clients.  Using powers under the Consumer Rights Act 2015 and, for the first time, under the Digital Markets, Competition and Consumers Act 2024, FCA, working closely with SRA, has required nine law firms to provide information about their exit fees. Two FCA regulated CMCs have agreed to change their exit fee policies.