Address
95a Wood Lane
Timperley
Altrincham
Cheshire
WA15 7PG
W A 1 5 7 P G
UNITED KINGDOM
Braemar Wealth Management (NW) Limited
Current Status: No longer authorised
Reference Number: 425022
Website: www.braemarwm.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MffB2AAJ
A firm with the status "No longer authorised" may have had its authorisation revoked by the 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. To find out more about a specific firm's authorisation status and the reason for any changes, it is important to consult the FCA register or contact the FCA directly.
Reasons for non-compliance 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. By taking proactive steps to ensure compliance, firms can mitigate the risk of regulatory penalties and reputational damage.
The Financial Conduct Authority (FCA) has taken action to combat mis-selling in the UK financial services industry, which has seen several high-profile cases in the past. Examples of mis-selling include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension products. The total compensation paid to affected consumers has exceeded £38 billion, and banks have also compensated businesses with billions of pounds in redress. While the FCA has introduced new regulations to improve disclosure and transparency, the risk of mis-selling is still a major concern that requires ongoing oversight and vigilance from both regulators and the industry. Consumers should be aware of the risks associated with financial products and services and take steps to ensure they are not being taken advantage of.
To seek compensation for mis-sold financial products or services in the UK, consumers should first contact the firm that sold them the product or service and file a formal complaint. If the firm rejects the complaint or the consumer is not satisfied with the response, they can escalate the issue to the Financial Ombudsman Service. In cases where the firm is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. It's important to act promptly and consider seeking independent financial or legal advice, as processes and eligibility criteria may vary depending on the product, service, or circumstances.