Phoenixing cases referred to FCA total 136

FSCS referred 19

Hannah Godfrey
clock • 1 min read

A total of 136 potential phoenixing cases have been referred to the Financial Conduct Authority (FCA) since regulatory bodies came together to work to stamp out the practice.

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...

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 Your profession

Nearly half of advised HNW clients unaware of CGT allowance

Nearly half of advised HNW clients unaware of CGT allowance

Charles Stanley finds

Sahar Nazir
clock 25 November 2025 • 2 min read
CII launches vulnerability guide

CII launches vulnerability guide

For insurance and personal finance

Isabel Baxter
clock 25 November 2025 • 3 min read
Craven Street Wealth expands footprint as Pharon IFA joins business

Craven Street Wealth expands footprint as Pharon IFA joins business

It will now serve more than 5,800 clients

Sahar Nazir
clock 25 November 2025 • 2 min read