The FCA has announced that they are going to be introducing a cap on fees for CMC’s who manage claims for non-PPI financial products. The FCA believes that the fees that are being charged to customers has become higher than necessary and will be enforcing the cap from March 1st, 2022. On top of this the pre-contact information provided to customers is going to see some changes too including clarifications to the rules.
The cap to the fees will be on-going for at least two years in which time the FCA will monitor the effects it has upon consumers and firms to see whether amendments need to be made, if any. However it is estimated that the fee cap will save consumers around £9.6 million per year.