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Regulator warns on 'Phoenix' advisers.

Publication: Investors Chronicle
Publication Date: 01-JUL-05 		Format: Online - approximately 668 words
Delivery: Immediate Online Access

Article Excerpt
The financial services Authority (fsa) has launched a campaign to crack down on 'phoenix' independent financial advisers (IFAs), who attempt to escape their liabilities for mis-selling compensation by starting new companies, and walking away from the ashes of their former businesses.

So far, the regulator has investigated 18 potential instances where firms have relaunched following insolvency, and has referred one company to formal enforcement proceedings. This could result in the removal of the company bosses' authorisation to trade as IFAs, and the recouping of losses from remaining company assets.

These 18 are among a number of IFA businesses to...

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