- Latest available (Revised)
- Point in Time (06/04/2019)
- Original (As enacted)
Point in time view as at 06/04/2019.
There are currently no known outstanding effects for the Financial Guidance and Claims Act 2018, Section 28.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)The Financial Services and Markets Act 2000 is amended as set out in subsections (2) and (3).
(2)After section 137FC (inserted by section 20) insert—
(1)The power of the FCA to make general rules includes power to make rules prohibiting authorised persons from—
(a)entering into a specified regulated claims management agreement that provides for the payment by a person of charges which, taken with charges payable under an agreement treated by the rules as being connected with the regulated claims management agreement (if any), are specified charges, and
(b)imposing specified charges on a person in connection with the provision of a service which is, or which is provided in connection with, a specified regulated claims management activity.
(2)The FCA must make rules by virtue of subsection (1) in relation to all regulated claims management agreements, and all regulated claims management activities, which concern claims in relation to financial products or services.
(3)The rules must be made with a view to securing an appropriate degree of protection against excessive charges for the provision of a service which is, or which is provided in connection with, a regulated claims management activity.
(4)The rules may specify charges by reference to charges of a specified class or description, or by reference to charges which exceed, or are capable of exceeding, a specified amount.
(5)In relation to an agreement entered into, or charge imposed, in contravention of the rules, the rules may (amongst other things)—
(a)provide for the agreement, or obligation to pay the charge, to be unenforceable or unenforceable to a specified extent;
(b)provide for the recovery of amounts paid under the agreement or obligation;
(c)provide for the payment of compensation for any losses incurred as a result of paying amounts under the agreement or obligation.
(6)The provision that may be made under subsection (5) includes provision corresponding to that made by section 30 (enforceability of agreements resulting from unlawful communications).
(7)In this section—
(a)“regulated claims management agreement” means an agreement, the entering into or performing of which by either party is a regulated claims management activity, and
(b)“specified” means specified in the rules, but “specified amount” means an amount specified in or determined in accordance with the rules.”
(3)In section 138E(3) (contravention of rules which may make transaction void or unenforceable)—
(a)omit the “or” at the end of paragraph (b), and
(b)at the end of paragraph (c) insert “or
(d)rules made by the FCA under section 137FD.”
Commencement Information
I1S. 28 in force at 29.3.2019 by S.I. 2019/743, reg. 2(a)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: