FCA aims to quell claims company concerns with phoenixing rule revamp

Ayesha Venkataraman
clock • 2 min read

Claims management companies (CMCs) will need to provide information about any relevant connections to failed firms that they may have going back six years, the UK's Financial Conduct Authority (FCA) chief executive Nikhil Rathi has confirmed. This was Rathi's response to the Financial Services Panel's concerns that the regulator's proposed ban on individuals from failed financial services ‘phoenixing' is not retrospective. "We have defined what we mean by relevant connections in our rules," he said. "Therefore, any CMCs with pre-existing relevant connections will be prevented from man...

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