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Regulatory considerations for Consumer Credit Firms

Updated: May 18, 2022

The FCA has set out new rules for claims management companies (CMCs) to protect consumers against excessive charges. Some of the major changes include:

  • restricting the fees CMCs charge for managing claims about non-PPI financial products and services through a fee cap

  • require firms to provide consumers important information in the pre-contract stage

What it means for you

The FCA is focused on consumer outcomes and looking to become a more innovative, assertive and adaptive regulator.

It will annually monitor whether average fees by product type calculated from your regulatory return data and existing estimates of value from CP21/1 suggest significant excessive charging.