Claims Management Companies
Extensive experience of supporting claims management companies
This has meant that claims management companies have had to build a new compliance framework from scratch in line with the new, in-depth regulations. UKGI’s core expertise lies in interpreting regulation and regulatory changes, and helping firms put in place an appropriate compliance regime, so it was natural that we would extend our expertise to include claims management companies.
In a short time we have built up extensive experience of supporting claims management companies, especially regarding their fledgling relationship and interactions with the Financial Conduct Authority.
The scope of our support can include:
- In depth process and documentation audits with RAG rated action plans.
- Compliance governance, including set up, management information and review framework.
- Compliance monitoring to ensure firms are reviewing the correct business areas in line with the relevant regulatory requirements.
- Consultancy on compliance with the Senior Manager & Certification Regime.
- Skilled person reviews.
- Assistance with interpretation and compliance of the Financial Conduct Authority’s Claims Management Conduct of Business Sourcebook.
- Advice on the coverage and submission of annual Retail Mediation Activates Returns (CMR0001 submissions) to the Regulator; the core regulatory return which firms have to make to the Financial Conduct Authority.
The Financial Conduct Authority became the Regulator of claims management companies relatively recently, in April 2019, with the stated focus of driving up standards of conduct and boosting consumer protection.
“We have found UKGI to be an invaluable stakeholder in Wrisk. Their technical expertise, their responsiveness, and their cultural tone of voice work really for us. Unreservedly recommend them”
“Crixus Insurance Brokers have worked with UKGI for approximately three years now and we have been more than happy with their professionalism and knowledge on all compliance matters – their team is always friendly and keen to assist.”