Seven suspected cases of phoenixing stopped by regulatory taskforce

Since January, the FCA reported it had prevented phoenixing when two notices were issued warning firms that their regulatory applications would be refused because of phoenixing concerns, leading to the withdrawal of their applications. In five other cases, one financial adviser and four financial advice firms withdrew their applications once the FCA had discussed phoenixing concerns with them. Members of the group created to tackle phoenixing include the FCA, the Financial Ombudsman Service, the Financial Services Compensation Scheme, the Insolvency Service and the Accountant in Bankr...