FCA denies 12 advice firms authorisation following phoenixing suspicions

In a consumer investment report issued on Monday morning (18 January), the financial watchdog highlighted several ways in which it is working to protect consumers from investment harm by disrupting potentially harmful firms and activities. It outlined action taken by the FCA throughout the first 10 months in 2020, where many consumers were under pressure to tackle their finances because of coronavirus restrictions. Throughout this period, the regulator stopped applications for authorisation from 343 financial services firms and individual firms, where almost one in 10 applications sho...