Regulators join forces to tackle financial services pheonixing

The FCA has launched a new working group to tackle the ongoing issue of pheonixing in financial services. Pheonixing involves firms and individuals deliberately seeking to avoid their liabilities to consumers or poor conduct history by closing down firms – or resigning senior positions – only to re-emerge in a different legal entity. The FCA says the new collaboration, which includes the Financial Services Compensation Scheme, the Financial Ombudsman Service, the Insolvency Service and Scotland’s Accountant in Bankruptcy, will help it build cases to refuse applications for authorisation.

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