CMCs operate without any proper mechanism for regulation under the FCA, argue MPs
Politicians are planning to lobby the Treasury, calling for tighter regulation of claims management companies (CMSCs).
At a meeting of cross-party MPs last week it was agreed that a letter would be written to the government department calling for CMCs to be brought under the jurisdiction of the Financial Conduct Authority (FCA).
The discussion was led by the Conservative member for Cardiff North, Jonathan Evans.
The letter, which will call on the transfer of regulation of claims management companies from the ministry to the FCA, will require an amendment to legislation, according to a report in the FT Adviser.
Last December the Competition Commission launched an investigation into the costs of repairs for not-at-fault drivers claiming for an accident caused by another party.
In July, the commission invited insurers to a hearing to discuss some initial findings of its analysis.
The Competition Commission is set to publish its provisional findings by November 2013, and will then set out a timetable for its final report, which must be published by September 2014.
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