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Friday, 17 September 2021 09:11
FCA rejects application from long-standing CMC
The Financial Conduct Authority has rejected an application for authorisation from a Claims Management Company which has been in business since 2006.
Bradford-based Active Claims (UK) Ltd had planned to extend its personal injury claims service to financial products and other areas.
In a Final Notice this week, the regulator rejected the firm’s application for authorised status after the firm failed to provide detailed financial and other information and regularly failed to respond to contact from the watchdog.
The firm was incorporated in 2006 and provided a claims management service to customers with personal injury claims.
Active Claims (UK) was first authorised by the Claims Management Regulator on 3 May 2007 but responsibility for claim management regulation transferred to the FCA 1 April 2019. From that date CMC firms needed to apply for temporary registration with the authority. The firm was granted temporary registration on 1 April 2019.
However, in order to continue carrying on claims management activities, firms had to apply to the authority for full authorisation in a window between 1 April 2019 and 31 July 2019. The firm applied on 31 July 2019.
In its application the firm applied to the FCA to carry on the regulated activity of: “seeking out, referrals and identification of claims or potential claims (personal injury claims; financial services or financial product claims; housing disrepair claim; claim for a specified benefit; criminal injury claim; employment related claim).”
After two years of deliberation, partly delayed by the Covid-19 outbreak, the authority has now refused the application because the company has, “repeatedly failed to engage appropriately with the authority” and the authority says it has been unable to verify that the firm is a fit and proper person.
The FCA said that from the financial information the authority has seen regarding the company, it also appears the firm has had negative capital and reserves for the last three years.
The FCA said the firm had been warned many times that not responding to the FCA’s calls and letters about its application meant it was likely to be refused regulatory approval.
Financial Planning Today has contacted the firm for comment today. The firm’s website seems to be no longer operating and traffic is instead being transferred to what appears to be a Chinese gambling website.
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