The presence and activity of claims management companies (CMCs) in the motor finance sector is being observed by the FCA and SRA, with expectations for the conduct of CMCs being published in response to the recent Supreme Court judgement.
With the Financial Conduct Authority (FCA) due to consult on a redress scheme from October this year, customers have been encouraged to avoid using a CMC to process their claim. In tandem with this, the Solicitors Regulation Authority (SRA) has published a statement that outlines what behaviour it expects to see from law firms.
Among the SRA statement is the expectation for law firms to make prospective clients aware of the FCA redress consultation and ability for them to pursue a claim for themselves, free of charge.
View the BVRLA’s Commission Disclosure member hub for details about the Supreme Court judgement and FCA redress consultation.
