Responsibility for regulating claims management companies (CMCs) was transferred to the FCA on 1 April this year.

The FCA said that PPC’s websites and printed materials “prominently” used the logos of five major banks.

It said this was liable to mislead consumers into believing they were submitting redress claims for mis-sold payment protection insurance (PPI) directly to their banks, rather than engaging PPC to pursue claims on their behalf in return for a success fee.

PPC also failed to present accurate, fully formed, detailed and specific complaints to banks.

It had submitted Financial Ombudsman Service (FOS) questionnaires to banks on behalf of different consumers.

The questionnaires in part contained identical factual allegations where evidence specific to each client should have been presented, said the FCA.

Mark Steward, FCA executive director of enforcement and market oversight, said: “CMCs have an important role to play in helping to secure compensation for their customers. This is especially true in the case of those consumers who might not otherwise make a claim.

"PPC’s misleading website and marketing material suggested PPC was associated with the five banks when this was not the case. Claims management firms must ensure their advertising is accurate. Not only in terms of what they say about themselves and their services but also in terms of what is represented.”

PPC was originally investigated and fined by the previous regulator for CMCs, the Claims Management Regulator (CMR).

PPC appealed on 21 December 2018 to the First-tier Tribunal against the CMR’s penalty notice. While the appeal was pending, the FCA took over regulation of CMCs from the CMR.

On 16 September 2019, after reviewing the evidence put forward by the FCA, PPC withdrew its appeal.