Resource Legal Limited

Limits on what they may do

• Winding up of PPI and PBA claims activities

  1. With effect from effective date, the firm shall not carry on any regulated claims management activities, other than permitted activities. 2. The firm shall provide to the FCA by email every three calendar months, commencing on effective date, or within such period as the FCA may reasonably require, the following information: a. the number of mis-sold payment protection insurance and mis-sold package bank account claims closed in the previous three months; b. the total number of the firm’s customers with open/active mis-sold payment protection insurance and mis-sold package bank account claims, as at the date of reporting 3. The firm shall inform the FCA by email no later than seven days after it has ceased carrying on permitted activities (i.e. once it has emptied its current book). Upon such notification, the firm shall, with immediate effect, stop carrying on any regulated claims management activities and the firm shall submit a cancellation application under section 55(H)(3) of the Act within 10 working days of the notification above. DEFINITIONS: “the Act” means the Financial Services and Markets Act 2000; “FCA” means the body corporate previously known as the Financial Services Authority and renamed on 1 April 2013 as the Financial Conduct Authority; “effective date” means the date on which the requirements below come into effect. “the firm” means Resource Legal Limited; “the Handbook” means the FCA’s Handbook of rules and guidance; “the RAO” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) as amended by SI 2018/1253; “permitted activities” means PPI claims management activities when carried on in relation to relevant claimants; PPI claims management activities means the regulated activity specified in Article 89I of the RAO (Advice, investigation or representation in relation to financial services or financial product claim) when that activity is carried on in relation to claims or potential claims in relation to payment protection insurance; and “relevant claimant” means a claimant with whom the firm entered into an agreement on or before the effective date in relation to; a) the carrying on of PPI claims management activities, or b) the carrying on of packaged bank account claims management activities.