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Albion Financial Services Ltd

Current Status: No longer authorised

Reference Number: 303839

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfSUzAAN


67 Europa Business Park
Bird Hall Lane
S K 3 0 X A


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A firm with the status "No longer authorised" may have had its authorisation removed for one or more of the following reasons: voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. To find out more information about a specific firm's authorisation status and reasons for any changes, it's best to check the FCA register or contact the FCA directly.

Causes of 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 regulatory compliance, firms must identify and address these risk factors to avoid penalties and reputational damage.

The UK financial services industry has seen a number of high-profile cases of financial mis-selling, including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. This has resulted in billions of pounds in compensation being paid to affected customers. To prevent mis-selling from occurring, the Financial Conduct Authority (FCA) has implemented a range of measures, including enforcement actions, compensation schemes, and new regulations designed to improve disclosure and transparency. However, the risk of mis-selling still exists, and vigilance from both regulators and the industry is necessary to ensure fair treatment of consumers.

Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. The process for seeking recompense typically involves the following steps: Contact the firm: One should first contact the firm that sold the financial product or service and file a formal complaint, providing all relevant details and evidence of mis-selling. The firm is obligated to investigate and respond to the complaint, typically within eight weeks. Financial Ombudsman Service (FOS): If the firm rejects the complaint or the consumer is not content with the response, they can escalate the issue to the Financial Ombudsman Service. This is an independent body that settles disagreements between consumers and financial services providers. They will review the case, take into account both sides of the argument, and make a decision. Their assistance is free for consumers, and their decisions are legally binding on the firm. Financial Services Compensation Scheme (FSCS): In cases where the firm accountable for the mis-selling is no longer in operation or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. The FSCS is a statutory compensation fund that provides recompense to consumers when authorized financial services firms fail or are unable to meet claims. 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 is essential to act expeditiously when filing for compensation for mis-selling, as there may be time constraints for submitting claims. Consumers should also consider seeking independent financial or legal advice, particularly if the claim is complicated or involves a substantial amount of money. Remember that while these general steps apply to most cases of financial mis-selling in the UK, specific processes and eligibility criteria may differ depending on the financial product, service, or circumstances involved.

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