Please Note: As of 1 April 2019, the regulatory responsibilities of the Claims Management Regulator passed to the Financial Conduct Authority.
The Claims Management Regulation Unit has been responsible for regulating Claims Management Companies (CMCs) since being created back in April 2007.
Companies are regulated according to the Claims Management Regulation (CMR) under the Compensation Act 2006, Part 2.
The regulatory objectives of the Claims Management Regulator include:
- Ensuring that consumers’ interests are protected and promoted fairly
- Ensuring that there is competition and good working practices
- Helping to improve access to justice
- Improving the conduct and standards of firms and authorised persons
- Both promoting and protecting the public interest
Under the Compensation Act 2006, the Claims Management Regulator regulates:
- Financial services and products, such as PPI
- Personal injury
- Criminal injury compensation
- Industrial injury disablement benefits
- Housing disrepair
The Claims Management Regulator works alongside many other bodies, sharing information with the:
- Financial Conduct Authority
- Financial Ombudsman Service
- Legal Ombudsman
- Solicitors Regulation Authority
- Information Commissioners Office
- Financial Services Compensation Scheme