Oct 6, 2024
Addressing Claims Management Phoenixing: FCA’s New Consultation
The FCA has issued a consultation paper focused on preventing claims management phoenixing, where individuals from dissolved financial services firms reappear in claims management companies to exploit previous misconduct. This measure aims to uphold regulatory integrity, foster public trust, and eliminate unfair competitive advantages. The FCA has previously addressed this issue in its Dear CEO letters, joint statements, and portfolio strategy letter. As the June 21, 2021, consultation deadline approaches, MEMA is available to help CMCs navigate these new regulations and their implications. For more details, review the FCA's consultation paper on phoenixing.