Address
4.40E+12
Allscot Finance Ltd
Current Status: No longer authorised
Reference Number: 304955
Website: www.allscotfinance.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfTp0AAF
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 FCA rules and regulations, enforcement action, failure to pay fees, or inactivity. It is essential to consult the FCA register or contact the FCA directly to find out more information regarding a firm's authorisation status and why its authorisation was revoked.
Reasons for non-compliance can vary, but some of the most common 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 must implement internal systems and controls, provide training to staff, properly disclose and manage conflicts of interest, adhere to conduct rules, protect clients, prevent financial crime, protect data, and maintain adequate capital and liquidity.
The UK financial services industry has been marred by cases of financial mis-selling, with some of the most prominent examples 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 paid to affected consumers and businesses. In response, the Financial Conduct Authority (FCA) has taken significant steps to tackle mis-selling, such as enforcement actions, compensation schemes, and introducing new regulations. However, there is still a risk of mis-selling across different financial products and services, and both regulators and the industry need to remain vigilant.
If you feel you have been mis-sold a financial product or service, contact the firm responsible and file a formal complaint. If they reject your claim or you are not satisfied with their response, you may then escalate the issue to the Financial Ombudsman Service. If the firm is no longer in business or has been declared in default, then you can file a claim with the Financial Services Compensation Scheme. It is important to take action as soon as possible and to consider seeking independent financial or legal advice before proceeding.