Which? comments as FCA proposes CMC fee price cap

Adam French, Which? Consumer Rights Expert, said:

“While it’s right the FCA is proposing price caps on excessive claims management firm charges, the regulator should require financial firms to pay the costs of CMCs where the firm is at fault and the consumer is owed compensation.

“This approach would still enable CMCs to operate on behalf of claimants, but it would incentivise firms to encourage consumers to make claims directly to them and make the process far easier.

“It would also mean that consumers receive all of the compensation they are due, regardless of how they make their claim.”

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