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Adviser involved in £11m claims now runs CMC

"So whilst I am unable to directly help my firm's clients, I am able to help others that the industry has let down."

According to Companies House Mr Barry is the only active director of ARB Group.

Receiving temporary permissions from the FCA does not mean a company will automatically receive subsequent authorisation.

In order to receive FCA authorisation, CMCs must meet the threshold conditions, while management will be assessed for their skills, experience and suitability during the application process.

A spokesman for the FCA said: "We began supervising CMC firms from April 1, 2019. Existing firms were entitled to register for temporary permission but must submit an application for authorisation.

"They will be required to demonstrate that they meet our threshold conditions. A CMC's management body will be assessed for their skills, experience, probity and suitability during the firm application process."

A spokesperson for the Ministry of Justice said all its information on this issue was now with the FCA, so it would not be able to comment.

damian.fantato@ft.com