The UK regulator FCA announced earlier today that it has imposed a financial penalty in the sum of £91,000 to the company Hall and Hanley Limited (HHL).
HHL is a claims management company (CMC) whose registered address was formerly 1st Floor, Building 4, Universal Square, Devonshire Street North, Manchester M12 6JH.
With effect from 1 April 2019, responsibility for the regulation of CMCs was transferred from the Claims Management Regulation Unit (CMRU) to the Authority, whereupon new rules governing the conduct of CMCs came into force.
Prior to 1 April 2019, a different regulatory regime governed the conduct of CMCs, namely the Conduct of Authorised Persons Rules 2014 (CAPR), which had been made by the CMRU under the Compensation (Claims Management Services) Regulations 2006 (“2006 Regulations”).
The 2006 Regulations and the CAPR do not apply to conduct by CMCs from 1 April 2019 onwards but did apply to HHL’s conduct before that date, therefore the CMR notified HHL that it was required to pay a financial penalty of £91,000 to the CMRU.
HHL is now in liquidation.