Question to the HM Treasury:

To ask Her Majesty's Government whether they plan to issue guidance to the Financial Conduct Authority when it takes over responsibility for the regulation of claims management companies from the Ministry of Justice.

The Financial Conduct Authority (FCA) is an independent non-governmental body responsible for regulating and supervising the financial services industry.

Although the Treasury is responsible for setting the legal framework under which the FCA regulates, the Treasury has no general power of direction over the FCA.

As an independent body, it will be up to the FCA to set specific rules for claims management companies, whilst taking into account its statutory objectives: to ensure an appropriate degree of protection for consumers; protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.