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5 February 2022

New rules are being imposed by the FCA on 1 March 2022 that will restrict the level of fees that financial product/services CMCs can charge to customers.  The amount you can charge will depend on the level of redress your customers receive.  The FCA have devised 5 bands relating to the level of redress received.  Each band allows for a specific maximum % that can be charged or the maximum total charge that can be imposed.

The % that can be charged varies between 15% and 30%, making the maximum total charges between £420 and £10,000.

There are also some minor rule changes regarding pre-contractual information that apply to all CMC’s not just those offering financial product/services claims.

Get in touch to find out how this will affect your business.

By Ian Beardmore

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