Claims Management Regulation

 

Authorisation

The current regime is enforced by Claims Management Regulator as part of the Ministry of Justice (MOJ). Any business carrying out regulated claims management activities must seek authorisation from the Regulator through its formal application process. The carrying out of regulated claims management activities without authorisation or satisfying the criteria to be exempt from authorisation is a criminal offence. The current fee for application stands at £2,000 and the application process involves a comprehensive assessment of your competence and suitably to operate in claims management provision and an in depth review of your business model. Miller Beare Compliance Consultants are able to assist you with all aspects of this application process from completion of the application from through to drafting compliant polices procedures and paperwork that is bespoke to your business model.

 

Audit

Although transfer of regulatory control claims management companies to the Financial Conduct Authority is imminent the Claims Management Regulator still has a “business as usual” policy and is conducting an extensive audit programme. Any business seeking transition to and ultimately authorisation by the Financial Conduct Authority will need to demonstrate that it is fully conversant and complaint with the current regime. Are you scheduled for an audit? Would you like an independent assessment of your operation by our team of experts who have considerable experience of the investigative and enforcement functions if the Claims Management Regulator.

 

Documentation

Claims management compliance documentation and manuals are an essential part of the controls which a firm is required to implement under the Conduct of Authorised Persons Rules 2015. Without appropriate compliance documentation and manuals, as part of an overall governance system, a business is unable to demonstrate compliance and risk errors occurring. Compliance documentation should identify and address the compliance risks that a business faces, and contain information which a business can use to measure both its compliance and effectiveness.