Address
4.40E+12
Charter Heaven Limited
Current Status: No longer authorised
Reference Number: 125796
Website: www.charterheaven.com
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfFKMAA3
A firm with the status "No longer authorised" may have had its authorisation removed due to one or more of the following reasons: voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. It is important to consult the FCA register or contact the FCA directly to obtain more information regarding a firm's authorisation status and the reasons for any changes.
Various factors can lead to non-compliance, such as 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 avoid such situations, firms must develop and implement comprehensive compliance programs to ensure they remain compliant with applicable rules and regulations.
The UK financial services industry has been marred by several high-profile cases of financial mis-selling, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension mis-selling. The total amount of compensation paid out to affected consumers has exceeded £38 billion, and businesses have been compensated with billions of pounds in redress. In response to these issues, the Financial Conduct Authority (FCA) has taken action to protect consumers from mis-selling and promote fair treatment. This has included enforcement actions, compensation schemes and the introduction of new regulations to improve disclosure and transparency. Despite these efforts, the risk of mis-selling remains an ongoing concern that requires vigilance from both regulators and the industry.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. In order to seek recompense, the following steps should generally be taken: 1. Contact the firm: The first step is to contact the firm that sold the financial product or service, filing a formal complaint with all relevant details and evidence of mis-selling. The firm is obligated to investigate and respond to the complaint, typically within eight weeks. 2. Financial Ombudsman Service (FOS): 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. The FOS is an independent body that resolves disputes between consumers and financial services providers, reviewing the case and considering both sides of the argument before making a decision. Their service is free for consumers, and their decisions are legally binding on the firm. 3. Financial Services Compensation Scheme (FSCS): In cases where the firm responsible for the mis-selling is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. The FSCS is a statutory compensation fund that provides compensation to consumers when authorized financial services firms fail or are unable to meet claims. There are limits to the amount of compensation the FSCS can pay, which vary depending on the type of financial product or service involved. It's essential to act promptly when seeking compensation for mis-selling, as there may be time limits for submitting claims. Consumers should also consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money. Note that while these general steps apply to most cases of financial mis-selling in the UK, specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.