Seven out of 10 Claims Management Companies (CMCs) contacted by the FCA in a recent intervention have halted unregulated claims activity.

The Financial Ombudsman Service is considering charging Claims Management Companies fees of up to £650 per case to help cut down on the tide of speculative claims that can clog up the service.

Claims management company Samweb (UK) Limited has been stopped from carrying out regulated activities by the Financial Conduct Authority which has accused it of providing "misleading" information to consumers.

The Financial Conduct Authority (FCA) has introduced a cap on fees for claims management companies (CMCs).