Address
4.40E+11
Acorn Independent Financial Management Ltd
Current Status: No longer authorised
Reference Number: 225389
Website: www.acornfinman.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfSsxAAF
A firm with the status "No longer authorised" may have had its authorisation revoked for a variety of reasons, including 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 check the FCA register or contact the FCA directly to find out more about a particular firm's authorisation status and the reasons for any changes.
This could include providing staff with adequate training and support, implementing internal control systems, adhering to applicable disclosure and transparency requirements, managing conflicts of interest, enforcing conduct rules, protecting clients, preventing financial crime, complying with data protection regulations, and maintaining adequate capital and liquidity levels. Taking these steps can help firms ensure that their operations and activities are compliant with applicable rules and regulations.
In the past, financial mis-selling has been a notable problem in the UK financial services industry. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment Mortgages and Pension Mis-selling. These cases have resulted in millions of consumers being sold unnecessary or unsuitable products, as well as businesses facing significant losses. To prevent such instances from recurring, the Financial Conduct Authority (FCA) has taken various measures, such as enforcement actions, compensation schemes, and the introduction of new regulations. Despite these efforts, the risk of mis-selling remains an ongoing issue that demands ongoing vigilance from both regulators and the industry.
Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation and should take the following steps: contact the firm responsible for the mis-selling to file a formal complaint; if unsatisfied with the response, escalate the issue to the Financial Ombudsman Service; and, if the firm responsible is no longer in business or declared in default, file a claim with the Financial Services Compensation Scheme. It's important to act quickly, as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice. However, processes and eligibility criteria may differ depending on the specific situation.