Address
4.40E+12
Abacus Financial Management Limited
Current Status: No longer authorised
Reference Number: 145140
Website: www.abacuscover.com
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfFQlAAN
A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons. This could include voluntary cancellation due to changes in the firm's business model, ceasing operations, or merging with another firm; failure to meet regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with FCA rules and regulations; enforcement action for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; or inactivity which has led to the revocation of authorisation. It's important to check the FCA register or contact the FCA directly for further 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. To ensure compliance, firms should provide their employees with appropriate training and support, ensure proper client onboarding and due diligence, and monitor their internal systems and processes to detect any areas of non-compliance.
The UK financial services sector has been plagued by financial mis-selling in the past, with numerous high-profile cases involving various products and services. Notable examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension mis-selling. In total, consumers and businesses have been compensated with billions of pounds in redress. The Financial Conduct Authority (FCA) has taken several steps to address mis-selling, including enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. However, mis-selling continues to be a concern in the UK, with varying levels of risk across different financial products and services. It is therefore essential that both regulators and the industry remain vigilant in order to protect consumers from mis-selling and promote fair treatment in the financial services sector.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. To do this, they should first contact the firm that sold them the product/service and file a formal complaint, providing all relevant details and evidence of mis-selling. If the firm rejects the complaint or the consumer is not satisfied with the response, they can then escalate the issue to the Financial Ombudsman Service (FOS). This is an independent body that reviews the case and makes a decision that is 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 it can pay. It's important to act quickly when seeking compensation for mis-selling, as there may be time limits for submitting claims, and consumers may wish to seek professional financial or legal advice.