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New UK fee cap on claims management companies enters into force

( March 1, 2022, 10:56 GMT | Official Statement) -- MLex Summary: New rules on claims management companies will prevent them charging high fees to consumers, the UK Financial Conduct Authority said today as its restrictions enter into force. The FCA rules place a cap on the fees that claims management companies can charge consumers owed compensation from financial services companies. The maximum the firms will be able to charge is 30 percent of the consumer redress, if it is less than 1,500 pounds ($2,000), with lower percentages as the compensation level grows.Statement follows...

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