News

Duty to restrict fees – are you impacted?

08 April 2021

We will be consulting later this year on rules that will restrict fees in work claiming compensation for mis-sold financial products and services.

As part of our information-gathering process, we want to hear from firms that would be affected by any new rules so that we can take as wide a range of views as possible on board. If you work in this sector, you can provide details of your firm and the work you do by emailing the Policy team.

Restricting fees is a duty brought about by the Financial Guidance and Claims Act 2018. We have been working with the Financial Conduct Authority (FCA) – which is by far the largest regulator of this type of work – to understand the detail of their proposals before consulting on our options.

Find out more about the FCA’s consultation on its website.