Britain’s markets watchdog has begun asking 13,000 firms how close are they to going bust because of the coronavirus pandemic to avoid being saddled with unexpectedly “lumpy” compensation bills.
“One of the key reasons...is to help us get a really strong sense of the financial wellbeing of this industry so we can understand who are most proximate to failure,” Butler told a webinar held by financial advice industry body PIMFA.Any compensation due to investors would be partly paid by the Financial Services Compensation Scheme, which is accountable to the FCA.
Butler warned financial advisors that she was seeing “unacceptable” practices continuing as fraudsters take advantage of the pandemic. “A recent and particularly egregious development is the practice of advisors leaving financial advice firms that have run up liabilities... only to re-emerge in claims management firms to pursue claims against the advice they themselves had given.”Story continues below advertisement
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