Alongside the unsuitable advice provided by firms, there have been other issues of non-compliance within the BSPS case, including unregulated introducers and phoenixing. The FCA has identified that in 30% of BSPS cases members were introduced to their adviser by third parties, and whilst some introducers are authorised and regulated by the FCA, it identified that in eight cases introducers were unregulated.42 The FCA’s regulatory remit prevents it from taking enforcement action against unregulated third parties, and instead the FCA issued an alert reminding firms of their obligations.43 Similarly, the FCA has identified instances of phoenixing, in which rogue advice firms voluntarily leave the market only to reappear under different names. In response, the FCA updated its guidance to raise firms’ awareness of the issue and is yet to take enforcement action.44 The FCA’s work to put things right