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Regulator on alert for phoenix PPI firms

Firms looking to shed past payment protection insurance liabilities by phoenixing have got a stark warning from the FSA.

At the Mortgage Business Expo, director of small firms and contact centre Lesley Titcomb told intermediaries that the FSA was on the lookout for this kind of activity.

She said: “Our recent consultation paper on payment protection insurance brought the prospect of firms having to reassess past PPI complaints they have rejected and some think this could mean more firms try and become phoenix firms to leave these behind. I should warn them that we are alive to that threat.

“We are watching certain firms very closely and we are determined to remain one step ahead of potential phoenix firms and take strong action against firms and individuals that try this.”

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