CMCs face up to 30 per cent cap on redress cut

By Neasa MacErlean

Fee limits pegged at up to 30 per cent of a claim handled by a claims management company (CMC) are the subject of a consultation being run by the FCA. The regulator plans to publish its conclusions in an Autumn policy statement. The proposals relate to non-PPI (Payment Protection Insurance) financial services — since PPI products are already subject to a 20 per cent limit. Submissions must be made by 21 April.