With the implementation of the new Claims Portal (“portal”) coming into place on 31st of May, we have been assisting firms that are considering using the new portal across 2021.
Many PI businesses will currently hold the “seeking out, referral and identification of claims” permission. It is important to note that firms wishing to use the portal must hold the “Advice, investigation or representation of a personal injury claim” in order to do so. It is a criminal offence to trade without the requisite FCA permission.
The portal will handle any personal injury claims worth £5000 or less which will includes whiplash type injury claims. Any claims where the overall claim is more than £1000 or the claim for damages for injury is over £5000 can still be dealt with by a solicitor.
There are new tariffs for the amount of compensation awarded which are based on the injury itself, its duration and if any minor psychology injuries have occurred.
Firms wishing to assist clients using the Claims Portal will need to vary their current FCA permission.