24/10/2017
Claims management regulation fees unchanged in 2018/19 (E, W)
The fee scales paid by persons and claims management companies to cover the costs of their application for authorisation and for regulation over a year will remain unchanged in 2018/19, under annual proposals published by the Ministry of Justice after due consideration of “all the factors that contribute to the current and future size of the industry and the general consolidation of the market”.
The factors on which the ‘Regulation fees paid by claims management companies 2018 to 2019’ are determined comprise
- estimates of income receipts from new applications
- the level of authorised CMCs in operation
- any potential contraction (or, if applicable, expansion) of the claims management services market
- the administrative costs of operating the regulatory regime
Under the proposals, the application fee for authorisation will remain at £2,000, while the percentages of annual turnover levied on claims management companies with turnovers above the flat fee threshold of £88,889 remain at
- 0.90% of annual turnover up to £1m
- 0.80% of annual turnover to £5m
- 0.75% of annual turnover over £5m
The fee caps for both annual regulation and the financial products and services uplift remain unchanged at £150,000.
The existing financial products and services uplift levied on annual turnover from regulated activities in that sector remain unchanged at 0.145%.
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