Article preview: In the regulated financial services world, phoenixing is the practice of deliberately escaping your liabilities but shutting down your business and then reopening a new business in a different guise. All too often, liabilities are then covered by the Financial Services Compensation Scheme (FSCS), funded by other regulated firms. In other words, the good guys pay for the failures of the bad guys!
Cracking down on phoenixing
This 488-word blog post explains why the Financial Conduct Authority is so keen to crack down on the practice of ‘phoenixing’. Written on 17th May 2021.
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