The FCA will seek to ban failed financial services firms from working with Claims Management Companies (CMCs) to target former clients.

The Financial Ombudsman Service has expanded its remit to include more small business and claims management companies, so called ‘ambulance chasers’.

Experts have cautiously backed a new regulation regime which will see the FCA oversee claims management companies (CMCs), so called ‘ambulance chasers’, but say there is no time for complacency.

The FCA began regulating the claims management industry from today.