Address
171-173 High Street
Brownhills
Walsall
West Midlands
WS8 6HG
W S 8 6 H G
UNITED KINGDOM
First Aid Finance
Current Status: No longer authorised
Reference Number: 314706
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfSwsAAF
A firm that has been given the status of "No longer authorised" by the Financial Conduct Authority (FCA) could have had its authorisation revoked for a number 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 behind 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. Firms should ensure they have sufficient measures in place to prevent, detect, and report any non-compliant activities.
The UK financial services industry has been plagued by financial mis-selling in the past, with several high-profile cases involving different products and services. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. In response, the Financial Conduct Authority (FCA) has taken action to protect consumers, by introducing regulations to improve disclosure and transparency, as well as launching enforcement actions and compensation schemes. Nevertheless, the risk of mis-selling persists, and it is important for both regulators and the industry to remain vigilant.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. To do so, they must first contact the firm that sold the product or service and file a formal complaint, providing all relevant details and evidence of mis-selling. If the firm rejects their complaint or the consumer is unsatisfied with the response, they can escalate the issue to the Financial Ombudsman Service (FOS) - an independent body that resolves disputes between consumers and financial services providers. The FOS will review the case, consider both sides of the argument, and make a decision - the service is free for consumers, and their decisions are legally binding on the firm. In cases where the firm responsible for the mis-selling is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme (FSCS). The FSCS is a statutory compensation fund that provides compensation to consumers when authorized financial services firms fail or are unable to meet claims. However, there are limits to the amount of compensation the FSCS can pay, which vary depending on the type of financial product or service involved. It's essential to act promptly when seeking compensation for mis-selling, as there may be time limits for submitting claims. Consumers should also consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money. Note that while general steps apply to most cases of financial mis-selling in the UK, specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.