FCA has published its first fine since taking over regulation of Claims Management Companies. It has fined Professional Personal Claims Limited £70,000 for misleading customers through its website and printed materials.
The materials prominently used the logos of 5 banks, and FCA said this could mislead customers into thinking they were submitting claims for mis-sold PPI directly to the banks rather than through a CMC.
FCA also found the firm did not present accurate and detailed complaints to the banks, sometimes using questionnaires that contained identical factual allegations from different clients.
The Claims Management Regulator had determined breaches of the previous conduct rules governing CMCs and had imposed the fine at the end of 2018. The firm appealed it, and while the appeal was pending, FCA took over regulation of CMCs. The firm subsequently withdrew the appeal, so FCA imposed the fine set by the CMR.