FCA move to ban ‘phoenixing’ a step in the right direction but more could be done to stop dishonest CMCs
Financial Conduct Authority plans to impose significant changes on claims management companies that would prevent ‘phoenixing’ are a step in the right direction but the industry has called for more action to stop dishonest CMCs.
Phoenixing occurs when an individual or individuals connected to a financial services firm that has gone out of business later reappear in connection with a claims management company and charges
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