As the PFCA has built its representation and recognition within the financial claims management sector with regulators, banks and other bodies, it became apparent there was a need to continually review its requirements for ensuring its members compliance with the published ‘Code of Practice’
In an ever changing and demanding regulatory environment, the requirement for an independent firm offering experience in the financial services and claims management sector with dedicated resources, vision and the ability to develop other products and services became apparent.
Following the Financial Claims and guidance Act 2018, the Financial Conduct Authority was given powers to regulate the claims management sector from the 1st April 2019. The PFCA are currently reviewing its members Audit process and Code of Practice.
The PFCA Code of Practice
This covers various aspects of a Member firm’s business including: business acquisition, marketing and advertising, its charges, business processes and financial investigation, staff training and monitoring, customer contracts, data protection and complaints handling. All these areas of business and more are covered by Rockstead who have a team dedicated to the CMC sector who are experienced in its demands for higher standards to ensure satisfactory consumer outcomes.