Phoenixing cases referred to FCA total 136

In the Financial Services Compensation Scheme's (FSCS) 2020/21 plan and budget, chief executive Caroline Rainbird revealed the FSCS's claim handlers picked up 19 potential cases of phoenixing, which it had shared with the FCA, along with 117 others shared by other regulatory entities. The FSCS is working in partnership with the FCA, the Financial Ombudsman Service, the Insolvency Service and the Accountant in Bankruptcy as part of the Financial Services Regulatory Partners Phoenixing Group. The parties work together sharing data regularly to attempt to prevent phoenixing - the practic...