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Clearway Finance (UK) Ltd

Current Status: No longer authorised

Reference Number: 312571


Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfQbcAAF



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A firm with the status "No longer authorised" may have had its authorisation revoked by the Financial Conduct Authority (FCA) for various reasons. These could include voluntary cancellation due to changes in the firm's 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 specific incident or a pattern of misconduct; enforcement action for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; or inactivity for a certain period. It is important to check the FCA register or contact the FCA directly for more information about a firm's authorisation status and reasons for any changes.

Such measures can help to identify potential risks and ensure that any issues are addressed in a timely manner.

The UK financial services industry has been plagued by mis-selling scandals in the past, with Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling being some of the most prominent examples. As a result, consumers have suffered significant losses, leading to an estimated £38 billion in compensation payments. In response to this, the Financial Conduct Authority (FCA) has taken various measures to protect consumers, including enforcement actions, compensation schemes, and new regulations that promote disclosure and transparency. Nevertheless, there is still a risk of mis-selling in the industry, and the FCA must continue to be vigilant in order to ensure fair treatment of consumers.

Those who have been mis-sold a financial product or service should contact the firm responsible and file a formal complaint as soon as possible. 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, who will review the case and make a decision. In cases where the firm responsible 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 when seeking compensation and to consider getting independent financial or legal advice, if necessary.

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