The UK Financial Conduct Authority (FCA) today issued a statement regarding RTC Management Solutions Ltd.
The FCA says it has refused RTC Management Solutions Ltd’s application to be authorised to conduct claims management regulated activities.
This decision follows the transfer of regulatory responsibility for claims management companies (CMCs) to the FCA on 1 April 2019.
RTC Management Solutions Ltd applied for permission to conduct claims management regulated activities on 31 July 2019. A final Notice refusing its application was issued by the FCA earlier in 2022.
The regulator explains it has refused the application as it cannot ensure that RTC Management Solutions Ltd will satisfy and continue to satisfy the threshold conditions set out in Schedule 6 of the Financial Services and Markets Act 2000, in particular the Effective Supervision, Appropriate Resources and Suitability threshold conditions. The threshold conditions are the minimum standards that firms must meet in order to be authorised by the FCA.