Address
583487
Bailey Richards Wealth Management Limited
Current Status: No longer authorised
Reference Number: 583487
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000NMlXgAAL
A firm with the status "No longer authorised" may have had its authorisation removed for various reasons, such as voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. It's important to consult the FCA register or contact the FCA directly to find out more information about the firm's authorisation status and the reasons behind any changes.
Various factors can contribute to such violations, including 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. Firms must ensure that all of these areas are properly addressed in order to protect their customers and stay compliant.
The UK financial services industry has been hit with 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. These cases have led to billions of pounds in compensation being paid to affected consumers. The Financial Conduct Authority (FCA) has taken steps to address mis-selling issues, including enforcement actions, compensation schemes, and introducing new regulations to improve disclosure and transparency. Despite these efforts, there is still a risk of mis-selling in the sector, and ongoing vigilance is necessary to ensure that consumers receive fair treatment.
Those seeking compensation should familiarize themselves with the process and relevant rules to ensure they receive the compensation they are entitled to. Consumers who have been wrongfully sold financial products or services in the UK may be eligible to receive compensation. The process usually involves the following steps: contacting the firm responsible for the mis-selling, filing a formal complaint with relevant details and evidence; escalating the complaint to the Financial Ombudsman Service (FOS) for review and a decision if the firm rejects the complaint; and filing a claim with the Financial Services Compensation Scheme (FSCS) if the firm is no longer in business or has been declared in default. It is important to act promptly and seek independent advice when seeking compensation, as there may be time limits for submitting claims and specific processes and eligibility criteria may vary depending on the financial product or service involved.