Jurisdiction(s):
United Kingdom

Financial services claims management: SRA fee caps, disclosure obligations, exemptions and reasonable charging for law firms (England and Wales)

Published by a LexisNexis Practice Compliance expert

Practice notes

It is uncommon for the SRA to introduce rules that cap the fees law firms may charge. Nevertheless, under the Financial Guidance and Claims Act 2018 (FGCA 2018), the SRA must set rules to prevent excessive fees for claims management work linked to financial products or services. The SRA has fulfilled this statutory duty through the SRA Claims Management Fees Rules (the Rules). The Rules also place detailed information obligations on regulated providers. The SRA has issued guidance on Claims management activity and Representing clients during claims for financial services or products.

The Rules cover firms or individuals regulated by the SRA who deliver:

relevant financial services claims management (FSCM) activities; or
activities that would be regulated FSCM activities but for the exclusion in article 89N of the Regulated Activities Order

Relevant FSCM activities is a defined expression—see SRA glossary. The remainder of this Practice Note proceeds on the basis that you are providing relevant FSCM activities and that you understand the notion of a fee, which is also a defined term—see SRA glossary.

Information requirements

You must provide the information set out in the table: Information required Timing of information Prescribed costs information Rule 1.2 Before entering into a...

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Web page updated on 21/05/2026

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