Address
127a Cadzow Street
Hamilton
Lanarkshire
ML3 6JA
M L 3 6 J A
UNITED KINGDOM
Current Status: No longer authorised
Reference Number: 437662
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfXgyAAF
127a Cadzow Street
Hamilton
Lanarkshire
ML3 6JA
M L 3 6 J A
UNITED KINGDOM
A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons, such as voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. It is important to consult the FCA register or contact the FCA directly for more information about a particular firm's authorisation status and the reasons for any changes.
Reasons for non-compliance can include inadequate systems and controls, poor governance, insufficient staff training, misleading or inaccurate disclosures, conflicts of interest, breaches of conduct rules, inadequate client protections, financial crime, data protection breaches, and inadequate capital or liquidity. It's essential to take all necessary steps to ensure compliance with applicable laws and regulations.
The UK financial services industry has seen many cases of mis-selling in recent years, including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. These issues have resulted in significant financial losses and consumer detriment, prompting the Financial Conduct Authority (FCA) to take action to rectify and prevent such situations from occurring again. To this end, the FCA has implemented various enforcement actions, compensation schemes, and regulatory reforms to increase transparency and disclosure. Despite these efforts, mis-selling continues to be a problem in the UK, and it is essential that both regulators and the industry stay vigilant to ensure consumer protection.
Individuals who have been mis-sold financial products or services in the UK may be eligible to claim compensation. Typically, the process involves first contacting the firm that sold the product or service and filing a complaint. If the firm denies the complaint or the consumer is not satisfied with the response, they can then take their case to the Financial Ombudsman Service, an independent body that resolves disputes between consumers and financial services providers. Should the firm responsible for the mis-selling no longer be in business or be declared in default, the claim can be handled by the Financial Services Compensation Scheme. It is important to act quickly as there may be time limits for submitting claims, and further advice from independent financial or legal professionals may be beneficial. However, the exact process and eligibility criteria may vary according to the financial product, service, or situation involved.