The CMCs out of scope

30 Jun 2021

BLM Partner and Head of Fraud, Sarah Hill speaks to Insurance Post about whether claims management companies (CMCs) need tighter regulation to crack down on malpractice and why the directors of these companies should be held personally responsible.

Despite the Financial Conduct Authority (FCA) taking over CMC regulation in 2019, Sarah warns that,

"...new avenues for savvy unregulated CMCs continue to open up. New focus areas include cavity wall insulation, flight delays and Japanese knotweed."

She went on to say that, "opportunities to exploit the legislation and avoid regulation means there is a fertile environment for data theft to drive the claims identification and referral process."

Does the remit of the FCA need to be widened to cover those firms that don't come under its surveillance? 

Read the full article and more of Sarah's thoughts online, here (subscription required).

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Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to clients of BLM. Specialist legal advice should always be sought in any particular case.

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Sarah Hill

Sarah Hill

Partner, head of fraud practice group and head of office,
Birmingham


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