FCA denies 12 advice firms authorisation following phoenixing suspicions

131 firms have authorisations revoked

Sophie King
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The report found that 12 financial advice firms were prevented from gaining authorisation where phoenixing was suspected.
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The report found that 12 financial advice firms were prevented from gaining authorisation where phoenixing was suspected.

The Financial Conduct Authority (FCA) has clamped down on consumer investment harm and prevented 12 firms from gaining authorisation following suspicion of phoenixing in the first 10 months of 2020.

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...

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