Address
Aquila Financial Services
9 Regent Street
Barnsley
South Yorkshire
S70 2EG
S 7 0 2 E G
UNITED KINGDOM
Aquila Financial Services
Current Status: No longer authorised
Reference Number: 539133
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000NMdKTAA1
A firm with the status "No longer authorised" may have had its authorisation removed by the Financial Conduct Authority (FCA) 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 consult the FCA register or contact the FCA directly to find out more information about a particular firm's authorisation status and why any changes have been made.
Reasons for non-compliance can vary, but may 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 reduce the risk of non-compliance, firms should ensure they have appropriate internal systems, controls, and procedures in place, provide adequate training and support to staff, accurately disclose information, properly manage conflicts of interest, adhere to professional standards, implement client protection measures, have effective anti-financial crime systems, adhere to data protection regulations, and maintain adequate capital and liquidity levels.
The UK financial services industry has seen numerous cases of financial mis-selling in the past, including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. As a result, the Financial Conduct Authority (FCA) has implemented a number of measures to protect consumers from mis-selling, such as enforcement actions, compensation schemes, and more stringent regulations. Despite these efforts, mis-selling remains a problem that requires constant vigilance from both the FCA and the industry.
For those who have been mis-sold financial products or services in the UK, there are several steps available for seeking compensation. It is important to act quickly and consider seeking independent financial or legal advice, as there may be time limits for submitting claims. The process typically involves contacting the firm responsible for the mis-selling, filing a complaint with the Financial Ombudsman Service (FOS), and, if applicable, filing a claim with the Financial Services Compensation Scheme (FSCS). However, the specific process and eligibility criteria may vary depending on the financial product, service, or circumstances.