Address
4.40E+12
Britannia Finance Ltd
Current Status: No longer authorised
Reference Number: 304278
Website: www.britanniafinance.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfSOyAAN
A firm with the status of "No longer authorised" may have had its authorisation removed for a variety of reasons. These could include voluntary cancellation by the firm due to changes in business model, ceasing operations, or merging with another firm; failure to meet regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with FCA rules and regulations, either due to a single incident or a pattern of misconduct; enforcement action taken against the firm for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; or inactivity for a certain period, resulting in the cancellation of authorisation. To find out more about a specific firm's authorisation status and any changes, it is important to check the FCA register or contact the FCA directly.
Reasons for non-compliance can vary greatly, but some common causes 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 with applicable regulations, firms must provide their employees with the necessary training and support, implement adequate systems and controls, identify and manage conflicts of interest, and maintain the required level of capital and liquidity.
In the past, the UK financial services industry has seen numerous cases of financial mis-selling, with Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products all being affected. The total compensation paid to customers in these cases has been significant, with billions of pounds being paid out to those affected. To address this issue, the Financial Conduct Authority (FCA) has taken action, such as enforcing new regulations, offering compensation schemes, and increasing transparency and disclosure. However, the risk of mis-selling still exists, and sustained vigilance is necessary to ensure that consumers are protected and treated fairly.
Those seeking compensation for mis-selling should contact the firm responsible and/or the Financial Ombudsman Service for more information. Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. The process typically involves contacting the firm responsible, escalating the issue to the Financial Ombudsman Service if necessary, and possibly filing a claim with the Financial Services Compensation Scheme if the firm is no longer in business. It's important to act promptly as there may be time limits for submitting claims, and to seek independent advice if the claim is complex or involves a large sum of money. While these general steps apply to most cases, specific processes and eligibility criteria may vary depending on the product, service, or circumstances involved. Those seeking compensation for mis-selling should contact the firm responsible and/or the Ombudsman Service for more information.