Part 2: Claims Management Services Transfer of regulation of claims management services to FCA Schedule 5: Regulation of claims management services: transitional provision
Schedule 5 contains transitional provisions to allow the Financial Conduct Authority to take steps in preparation for the transfer of the regulation of claims management services. Such provisions include extending the Financial Conduct Authority’s information gathering powers to obtain information and documents from claims management companies operating in Great Britain if the Financial Conduct Authority considers it needs the information or documentation in preparation for its role as a regulator.
	It also gives the Financial Conduct Authority the ability to consult on rules made before an order is made and treat rules made by the outgoing regulator as having been made by the Financial Conduct Authority.
	Schedule 5 also provides for the provision of information from the outgoing regulator and complaints body to the Financial Conduct Authority and the Financial Ombudsman Service before the making of an order regulating claims management activity.
	Paragraph 1 ensures that Part 11 of the 2000 Act (information gathering and investigations) applies to persons providing regulated claims management services under the Compensation Act 2006 in England or Wales, and to persons in Scotland who would be regulated under the Compensation Act 2006 if providing these services in England and Wales.