The Solicitors Regulation Authority (SRA) has launched a consultation on new draft rules that will restrict excessive fee charging when firms make compensation claims on behalf of their clients regarding missold financial products.
Lexis®Library update: The new rules will introduce important new regulatory safeguards into SRA's Standards and Regulations. The consultation will close on 21 June 2023.
The SRA is required to ensure rules prevent excessive fees being charged for claims management activities connected to financial products or services under the Financial Guidance and Claims Act 2018 (FGCA 2018).
The consultation can be found here.
Responses can be submitted online here.
Source: Views wanted on rules to restrict excessive fee charging in financial mis-selling claims
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 3 April 2023 and is published with permission. Further information can be found at: www.lexisnexis.co.uk
