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Regulator hints at possible delays in implementing regulations

Mark Boleat surprised delegates at a recent legal conference by suggesting the 6th April Regulation deadline may need to be delayed

In what is likely to be a busy year for the compensation industry, Mark Boleat the newly installed Government Regulator has admitted that there may be delays in implementing the new rules.  

The official start date for the regulations scheduled for the 6th April 2007 is now thought to have been put back because of the last minute surge in companies applying for regulation. Around 1200 firms have now applied which is far more than was expected.

Many firms were expected to fold or merge rather than subject themselves to the rigours of regulation. However the officials have been surprised by the volumes and now have their work cut out to stay on track.

The regulations are designed to control the way compensation claims are handled by firms that are not subject to regulation by the Law Society or other formal bodies.   More information can be found on the DCA official regulatory website.

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