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Budget 2016: Insurance management claims companies to face stiffer regulation

Published 16 March 2016

The Government has used this year's budget to announce that insurance claims management companies will face stronger regulation.

Responsibility for regulating CMCs will be transferred from the Ministry of Justice to the Financial Conduct Authority with the aim of clamping down on rogue claims management companies (CMCs) that provide bad service and bombard customers with nuisance calls.

Alongside action to cap the amount that CMCs charge, Budget 2016 announces that the government accepts the recommendations of the independent review into the regulation of CMCs. The new regime will be tougher and will ensure CMC managers can be held personally accountable for the actions of their businesses.

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