FCA cap on CMC fees comes into force
Regulator claims consumers are expected save £9.6m a year.
The Financial Conduct Authority’s rules on the maximum consumers can be charged by claims management companies came into force on 1 March.
According to the regulator, the restrictions will prevent CMCs from charging excessive fees to consumers owed compensation from financial services firms saving them £9.6m a year and thousands of pounds on some individual claims.
The maximum consumers can be charged will depend on how much redress they are due.
If the amount is below £1,500 consumers can
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