Regulation & Government

SRA launches consultation on restricting fees in mis-selling claims

The regulator is inviting law firms to give their opinions on fee restrictions for financial products and services mis-selling compensation cases

The Solicitors Regulation Authority (SRA) has launched a new consultation regarding restricting fees in financial mis-selling claims.

The regulator is inviting law firms in the UK to provide their thoughts on restrictions for financial products and services mis-selling compensation cases.

As part of the consultation, the SRA has also published a discussion paper which outlines its approach and looking at whether its new rules should be closely aligned to the proposals of the Financial Conduct Authority (FCA).

Paul Philip, the SRA’s chief executive, said: “This is an important piece of work for consumers and the firms we regulate.

“Fees have to be set at a level that means the cost is affordable for people seeking redress, while ensuring that this is still a viable area of work for firms that provide this service for those who need it.”

He added: “So although the number of law firms involved may be small, the impacts for consumers could be significant.

“I would urge firms currently providing claims management in this area, and others who may be thinking about doing so, to read the discussion paper and let us know what you think.”

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