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UK claims managers face GBP10,000 fee cap under FCA plans

( January 21, 2021, 12:27 GMT | Official Statement) -- MLex Summary: UK claims management companies would be unable to charge fees above 10,000 pounds, with smaller levels of redress subject to a 30 percent cap, under plans put out for consultation by the Financial Conduct Authority. The new charges are designed to avoid consumers being overcharged by intermediaries when processing claims such as personal injury, but would not apply to repayments linked to mortgage-linked payment protection insurance. Press release and consultation document attached. ...

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