FCA to address phoenixing of firms and individuals

'It's a concern'

Tom Ellis
clock • 1 min read

The Financial Conduct Authority (FCA) is reviewing its authorisation process to determine how it can better stop "bad actors" from re-entering the industry, it has said.

Speaking at the presentation of its business plan, the regulator's investment wholesale and specialist director of supervision, Megan Butler, said the FCA was aware of individuals moving from firm to firm as well as phoenixing firms. She said: "It's a concern the industry has and it's a concern we share. And it's one where we are gathering the best data we can and working with the industry to do that. It's very important we keep some of those individuals and firms out of business." Phoenixing has become an increasingly greater concern for advisers with Financial Services Compensation ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read