FCA blocks nine suspected phoenixing firms in six months

Figures from its consumer investments data review for the period said phoenixing and lifeboating in financial advice were on the increase, with nine applications blocked in the six months compared to nine overall for the previous year. The FCA said it was working to prevent phoenixing where "individuals responsible for unsuitable advice from avoiding the consequences of their actions by moving to or setting up new firms". Of lifeboating, it said: "In some instances, individuals have set up and sought authorisation for a new firm before their existing firm starts to receive complaints ...