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FCA's Portfolio Strategy on Claims Management Companies: A Detailed Compliance Guide for CMC Firms


The Financial Conduct Authority (FCA) recently released its Portfolio Strategy on Claims Management Companies (CMCs) outlining its approach to regulating this sector and identifying key risks.


The strategy highlights several areas of concern, including CMCs with unclear communication with consumers about which products and services are regulated and those that are not firms that do not conduct or document appropriate checks when purchasing customer data or leads, and firms that fail to investigate the existence and merits of each element of a potential claim. Additionally, some CMCs are not submitting good quality returns on time, or not submitting them at all.


At MEMA, we have created a comprehensive and actionable plan that CMC firms must implement without delay in order to address the recent changes outlined by the FCA in its Portfolio Strategy.