FCA proposes ban on CMC phoenixing

The Financial Conduct Authority has announced plans to ban what it calls claims management company phoenixing. Usually, phoenixing refers to the situation where the assets of an insolvent firm are bought from administration or liquidation by the firm’s directors, and where the business re-commences trading as a new entity.


Bank of England money and credit report for March shows mortgage borrowing at record levels

The Bank of England’s Money and Credit Report for March 2021 shows net mortgage borrowing at £11.8 billion – the highest level on record, beating the £10.4 million mark set back in 2006. Gross lending also rose to record levels, at £35.6 billion. These new records are thought to be due to the fact that the stamp duty holiday was initially expected to end in March, although this has since been extended to the end of June 2021.

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