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Binary Independent Financial Advisors Ltd
Current Status: No longer registered as an Appointed Representative
Reference Number: 468145
Website: www.binaryfinancial.com
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfhvRAAR
A firm with the status "No longer authorised" may have had its authorisation removed for any of the following reasons: voluntary cancellation by the firm, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action taken by the FCA, failure to pay necessary fees, or inactivity. To find out more information about a specific firm's authorisation status and why it has changed, it is important to consult the FCA register or contact the FCA directly.
This can include implementing internal systems and controls, providing adequate staff training, making truthful and accurate disclosures, managing conflicts of interest, adhering to conduct rules, protecting clients, detecting and preventing financial crime, complying with data protection regulations, and maintaining required capital or liquidity levels.
The UK financial services industry has had a history of financial mis-selling, with numerous high-profile cases involving a variety of products and services. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. To protect consumers from such practices, the Financial Conduct Authority (FCA) has taken action, including enforcement actions, the introduction of new regulations, and the establishment of compensation schemes. Despite these efforts, the risk of mis-selling remains a concern that requires continuous vigilance from regulators and the industry.
If you've been mis-sold a financial product or service in the UK, the process for seeking compensation typically involves contacting the firm that sold it to you, filing a complaint with the Financial Ombudsman Service (FOS) if the firm rejects the complaint or if you're not satisfied with the response, and in some cases, filing a claim with the Financial Services Compensation Scheme (FSCS). It's important to act quickly, as there may be time limits for submitting claims, and it's recommended to seek independent financial or legal advice if the claim is complex or involves a large sum of money. Keep in mind that the exact process and eligibility criteria may vary depending on the financial product, service, or circumstances involved.