On 28 November 2018, there was published on legsislation.gov.uk The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (the Order), together with an explanatory memorandum. The Order supplements the Financial Guidance and Claims Act 2018, and transfers the regulation of claims management activities from the Claims Management Regulation Unit in the Ministry of Justice to the FCA. The Order sets out the types of claims management activities that will be regulated by the FCA and the restrictions on the promotion of those activities. It also specifies those activities which will be excluded from regulation by the FCA.
Article 1(2) provides that the Order comes into force the day after the day on which it is made to enable the FCA and the Financial Ombudsman Service (FOS) to make rules, give guidance, impose requirements or claim legal professional privilege (or confidentiality of communications). The Order comes into force for all other purposes on 1 April 2019. The purpose of article 1(2) is to allow the FCA and the FOS to make rules and guidance ahead of the transfer so that these rules and guidance apply from the date of transfer.