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ARTICLE · 27 NOVEMBER 2017

Financial Guidance And Claims Bill Set For Commons Debate

Clyde & Co
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The Financial Guidance and Claims Bill makes changes to the regulation of Claims Management Companies (CMCs), who provide assistance to individuals in making claims in sectors such as personal injury and PPI.

United KingdomLitigation, Mediation & Arbitration
Vikki Melville
Vikki Melville
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What is it?

The Financial Guidance and Claims Bill makes changes to the regulation of Claims Management Companies (CMCs), who provide assistance to individuals in making claims in sectors such as personal injury and PPI.

The Bill proposes to transfer regulatory responsibility from the MOJ to the Financial Conduct Authority (FCA). Complaints handling would also be transferred from the Legal Ombudsman to the Financial Ombudsman Service. The FCA would also be able to impose a cap on the charge that CMCs can charge for their services.

What stage is it at?

The Bill had its third reading in the House of Lords on 21 November 2017. The case still has to go through the House of Commons for further consideration and debate. Given the tight legislative agenda in light of Brexit, this may take some time. If and when there are any amendments proposed by the Commons, the Bill will be returned to the House of Lords for their consideration.

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