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The Claims Management Regulator regulates companies providing claims management services. Such companies (who seek clients who might wish to bring personal injury claims or claims for financial mis-selling) are subject to conditions of authorisation on the same model as entities conducting regulated activity must be authorised under FSMA 2000. The CMR has been granted a new penalty jurisdiction permitting it to impose penalties on Claims Management Companies for breach of their conditions of authorisation. The jurisdiction was conferred under section 139 of the Financial Services (Banking Reform) Act 2013 which amends the Schedule to the Compensation Act 2006.
In the first reported decision on the new penalty jurisdiction, Brendan McGurk successfully defended an appeal by Complete Claims Solutions Limited.
The judgment is here.