Fee cap survey

The Financial Guidance and Claims Act 2018 introduced a requirement on us to make rules which have the effect of restricting the fees charged for managing claims about financial products and services. These rules will replace the interim cap on fees in payment protection insurance (PPI) claims.

Why we are contacting you

To help us develop our options for consultation, we need information from as many firms as possible. For this reason, we are carrying out an online survey. We want to hear from firms who carry out work that might become subject to these specific rules.

We are sending you this survey so that you can help inform the rate at which a fee cap for example, might be set and the resulting impacts. We want to make sure that our rules encourage efficiency and allow consumers to access services. We do not want to make it unprofitable for you to act or to prevent you from helping clients get redress.

What we are asking

The survey should take no more than 5 minutes. We would be very grateful if you can complete it for us. The deadline is Friday 4th October 2019.

We are asking:

Whether you handle claims for financial products and services
If you do, then how your charges for these cases compare to your expenses, profits, and to the amount you recover for the client
How much of your work in these cases is a reserved legal activity.

How we will use the information

We will use the information you give us to inform our options for consultation. We will also use it to support our work to monitor the effects of our rules after they are in place.

For more information on how we handle your personal data, see our privacy statement.

What we will do next

We will publish a formal consultation on our proposals.