Download the full outcome
Detail of outcome
The consultation response document summarises the responses received and confirms the final approach to defining the scope of claims management activities for the purposes of FCA regulation and the approach to the temporary permissions regime. It also sets out the government’s policy intent for transitional provisions.
A draft of the full statutory instrument (SI) is published alongside an explanatory memorandum and an assessment of the impacts on businesses.
The explanatory memorandum has been prepared in order to assist the reader in understanding the draft SI, and explain what the SI will mean in practice, provide background information on the development of policy, and provide information on how the SI will affect existing legislation in this area.
The draft of the full SI is still subject to parliamentary scrutiny.
This technical consultation seeks comments on the draft secondary regulations that will enable the transfer of claims management regulation to the FCA, with a focus on the scope of regulation and the FCA’s consultation requirements.
The regulations being consulted on will only form part of the final statutory instrument (SI). The final SI will also include the temporary permissions regime, transitional provisions to put the framework for the transfer in place, as well as consequential provisions.
The consultation also seeks comments on the design of a temporary permissions regime to help firms adapt to the FCA regime.