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Currently the FCA is looking to introduce caps on the fees for CMCs dealing with financial products and services claims.
In the proposal, FCA states that it will look at rules relating to claims for
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Insurance Post
Insurers have argued that proposed fee caps for claims management companies may be too generous, while the claims sector has cautioned measures could reduce choice and service quality.
In January the Financial Conduct Authority published proposals to introduce caps on the fees claims management companies can charge their customers. The measures would see CMC take limited to a 15% to 30% cut, depending on how much redress a consumer is due.
Some claims businesses currently charge fees upwards of 40%.
The regulator estimated a fee cap could save consumers several thousand pounds on individual claims, equating to £9.6m in savings annually.
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