Putting Consumers First

Delivering Access to Justice through

Ethical and Professional Standards

Welcome to the Professional Financial Claims Association

The PFCA highlights professional and ethical standards and practices within the claims management sector.
The PFCA wish to set professional standards for member firms and represent the interests of the member.
The members of the PFCA have experience and knowledge in a wide range of financial claims types.

Putting Consumers First is at the heart of the Professional Financial Claims Association’s objectives. Members undertake to work to the highest ethical and professional standards when dealing with Consumers, financial institutions and other parties associated with the process of Financial Dispute Resolution Management. The ethics and principles which support this are set out in the PFCA Code of Practice.

Access to Justice

Financial Claims for mis-sold products continue to make headline news. Consumers and businesses have been victims of poor or inappropriate practices within the banking and wider financial services sector. They must have ‘Access to Justice’.

The PFCA strives to offer representation on behalf of its members, a ‘voice’ to bridge the gap between the consumer, financial industry and regulators, “creating a platform for quality debate” through which its members communicate. Collaboration and communication with the Claims Management Regulator, Financial Ombudsman Service, and all other bodies associated with financial services regulation and the Financial Dispute Resolution Management process is essential in achieving this goal.

REGULATION OF FINANCIAL CLAIMS MANAGEMENT COMPANIES

From the 1st April 2019, the Financial Conduct Authority (FCA) has taken over regulation from the Financial Claims Management Regulator (CMR). This change followed a new Act of Parliament, The Financial Guidance and Claims Act 2018 which gave the FCA the powers required to transfer regulation from the CMR also extending regulation to Scotland. Financial Claims Management Companies (CMCs) are now required to be regulated and authorised by the FCA, initially under a ‘temporary permission’ granted by the FCA following an application process. During 2019 firms who have been granted ‘temporary permission’ are required to apply for ‘full authorisation’ to continue offering their services to Consumers; this also applies to marketing firms who offer client referrals to CMCs.
Another change which has come into force 1st April is a change to the Complaint Handling Process. All complaints which are unresolved between Consumers and CMCs are now referred to the Claims Management Ombudsman.

Membership Benefits & Services

The Benefits and Services of the Professional Financial Claims Association are intended to extend beyond its own membership. The Financial Claims Management sector needs a credible ‘voice’ at a time of change and increased scrutiny within the sector.

PFCA Code of Practice

The members of the Professional Financial Claims Association wish to set professional standards for member firms...

Download the PDF
Visit the Code of Practice page