Lord Mendelsohn – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Mendelsohn on 2016-05-24.

To ask Her Majesty’s Government what is their target date for the operation of a regulatory regime for claims management companies.

Lord O’Neill of Gatley

At Budget 2016 the Chancellor announced that the government accepts the recommendations of the independent review into the regulation of Claims Management Companies (CMCs). The new regime will be tougher and will ensure CMC managers can be held personally accountable for the actions of their businesses. In order to ensure that the new regulatory regime is implemented effectively, the government intends to transfer responsibility for regulating CMCs from the Ministry of Justice to the Financial Conduct Authority. The government intends to take forward the necessary primary legislation in due course.