FCA launches collaborative group to take on phoenixing firms

The group has seen the FCA join forces with the Financial Services Compensation Scheme (FSCS), the Financial Ombudsman Service (FOS), the Insolvency Service and Scotland's Accountant in Bankruptcy.  The FCA said phoenixing could have a "devastating impact" on consumers and a knock-on effect on the wider economy. And, while it insisted the regulators had shared information and discussed phoenixing in the past, the financial watchdog said this was the first time they had formally joined together as a group to tackle the issue.  The formation of the group comes two years after the FCA sa...