Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department has had discussions with the Financial Conduct Authority on the level of fees charged by companies for supporting people with claims relating to payment protection insurance.

Treasury ministers and officials have regular engagement with the Financial Conduct Authority (FCA) as part of the process of policy development and delivery. As was the case with previous administrations, it is not the Government’s practice to provide details of all such meetings.

Claims Management Companies supporting any remaining payment protection insurance (PPI) claims remain subject to a 20 per cent fee cap, as set in the Financial Guidance and Claims Act 2018. Further information on this PPI fee cap can be found in the FCA handbook, Section 5.1 of the Claims Management: Conduct of Business sourcebook.