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FSA still needs to define misselling to stop phoenixs

After seeing the front-page article, FSA pledges crackdown on phoenix companies (Money Marketing, May 12), I have to say that the FSA is taking a more pragmatic approach to phoenix firms.

However, the difficulty is that compliance is used as a tool to create liability against firms based upon the standards of today for business done yesterday. Until a proper definition of misselling is given by the regulator, people will seek to avoid contingent liabilities in the future.

It is our experience that every single IFA putting their moral hat on also have terrible liability mitigation and phoenixing provides it. In the cold light of day, many IFAs ask us the question as to how phoenixing is achieved so they can best protect themselves and their families.

The FSA must be saluted for being pragmatic with regard to those people who simply seek to dump liabilities. This may also be an opportunity to give us the final definition of misselling so that people have certainty in their businesses.

Gareth Fatchett

Financial Services Legal,

Birmingham

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