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Broadgate Financial Management LLP

Current Status: No longer authorised

Reference Number: 589112

Website: www.broadgatefm.com

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000NMjcJAAT



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A firm with the status "No longer authorised" may have had its authorisation removed by the FCA for a variety of reasons, including voluntary cancellation, failure to meet ongoing regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. It's important to check the FCA register or contact the FCA directly for more information about a specific firm's authorisation status and the reasons for any changes.

Reasons for non-compliance can 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, firms must provide their employees with adequate training and support, identify and manage conflicts of interest, implement client protection measures, and establish adequate capital and liquidity requirements.

In the past, mis-selling has been a significant issue in the UK financial services industry, with several high-profile cases involving various financial products and services, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. The compensation paid to affected consumers and businesses has exceeded billions of pounds in some cases. The Financial Conduct Authority (FCA) has taken a number of measures to address mis-selling, including enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. However, the risk of mis-selling remains an ongoing concern and requires vigilance from both regulators and the industry.

If you believe you have been mis-sold a financial product or service, contact the firm that sold it to you and file a formal complaint. If the firm rejects the complaint or you are not satisfied with the response, you can then escalate the issue to the Financial Ombudsman Service. If the firm is no longer in business or has been declared in default, you can file a claim with the Financial Services Compensation Scheme. Remember to act promptly, as there may be time limits for submitting claims, and consider seeking independent financial or legal advice.

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