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FCA sets out proposals to stop 'particularly egregious' CMC phoenixing
Proposals published today
FCA's Sheldon Mills: “Consumers should be able to choose to use a CMC to help them claim compensation from the FSCS."
The consultation paper, published on Monday (17 May), outlined its proposals for new rules on CMCs.
Claims management company phoenixing occurs when an individual from a wound-up firm re-opens under a new guise, or appears in connection with a CMC that deals with its old clients, to avoid liabilities of the old firm. The FCA described claims management phoenixing as "particularly egregious".
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Therefore, under its proposals, CMCs will be prohibited from carrying on any regulated claims management activity if:
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Caleb McManus, NMCC Student of the Year, addresses his fellow graduates during the pre-recorded virtual commencement, which premiered on Saturday. (Courtesy of Northern Maine Community College)
Caleb McManus, NMCC Student of the Year, addresses his fellow graduates during the pre-recorded virtual commencement, which premiered on Saturday. (Courtesy of Northern Maine Community College)
NMCC celebrates ‘resilient’ graduates during virtual ceremony On Saturday Northern Maine Community College celebrated the resiliency of students, families, faculty and staff members in a virtual graduation ceremony.
PRESQUE ISLE, Maine — On Saturday Northern Maine Community College celebrated the resiliency of students, families, faculty and staff members in a virtual graduation ceremony.
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