The Financial Ombudsman Service has set out proposed fees for Claims Management Companies (CMCs) and other 'professional representatives', following the introduction of legislation in parliament.

The FCA will seek to ban failed financial services firms from working with Claims Management Companies (CMCs) to target former clients.

The Financial Ombudsman Service has expanded its remit to include more small business and claims management companies, so called ‘ambulance chasers’.

Experts have cautiously backed a new regulation regime which will see the FCA oversee claims management companies (CMCs), so called ‘ambulance chasers’, but say there is no time for complacency.