Employing the SU(2) isospin symmetry of strong interactions and estimatesborrowed from effective field theory, we explore the impact of new physics onthe decays $B^\pm\to \phi K^\pm$ and $B_d\to \phi K_S$ in a model-independentmanner. To this end, we introduce - in addition to the usual mixing-induced CPasymmetry in $B_d\to \phi K_S$ - a set of three observables, which may not onlyprovide smoking-gun signals for new-physics contributions to different isospinchannels, but also valuable insights into hadron dynamics. Imposing dynamicalhierarchies of amplitudes, we discuss various patterns of these observables,including also scenarios with small and large rescattering processes. Whereasthe $B\to\phi K$ system provides, in general, a powerful tool to search forindications of new physics, there is also an unfortunate case, where sucheffects cannot be distinguished from those of the Standard Model.