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Detail of outcome
A total of 41 responses to the consultation paper were received. Of these, 35 were from authorised claims management companies; 2 were from affected financial service providers and 4 from members of the Claims Management Regulatory Consultative Group.
Overall there was acknowledgment for the necessity of increasing fees over 2015-2016, and the difficulties this presents in terms of recent industry contraction and the general reduction of average annual turnover in the industry. There was clear support for the proposals to raise the application fee from £1,400 to £2,000 and a high level of support for raising the flat-rate fees beneath the £88,889 annual turnover threshold level.
This consultation sets out the levels at which claims management regulation fees will be set for the 2015 to 2016 regulatory year. It also proposes the methods of calculation for collecting them.