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The responses we receive will inform options for consultation. We hope that the survey will give us information about:

• the volume of claims management activities law firms conduct, and what of that relates to financial products or services (relevant work)
• the type and number of firms carrying on relevant work
• the volume, type and complexities of work conducted and how it is recorded
• the amounts of compensation/damages recovered for clients
• charges and firm costs for relevant work, and
• profits made from relevant work.

1. a requirement on us to make rules imposing fee restrictions on all claims management agreements and claims management activities relating to ‘financial products or services, and
2. a power for us to make rules in relation to fees charged for other claims management agreements and activities.

Detailed provisions are set out in section 33 of the Act:

An interim fee cap is already in place which applies only to claims relating to payment protection insurance (PPI). We updated our warning notice and published some specific questions and answers:

The information will help the modelling of different options and help us better understand the profile of firms involved/likely to be involved in this work. Specific information about your firm will not be made public or shared with any other third party.

If we do need to share any specific information, then we will explain why and seek your consent.

Not all financial products or services are regulated but could give rise to a claim.

The FCA have provided a non-exhaustive list of activities that they regulate which could give rise to a claim if the products or services arising out of the activities have been mis-sold or there has been poor advice.

We recognise that you may not record information in this way. However, we need to understand for example, the cost element of work that is split between reserved and unreserved legal services.

All work carried out in taking formal steps in proceedings which have been issued is likely to involve a relevant reserved legal activity.

The 'Conduct of litigation' however, does not include any steps taken prior to the commencement of litigation; i.e. work done before proceedings are issued or work carried out after the issue of proceedings which are not formal steps in the litigation process.

Rules that we make will, therefore. apply to charges for work done prior to the commencement of proceedings and to work done after (other than charges for steps taken in the actual proceedings, such as filing court documents).