Address
4.41E+12
Clover Financial Limited
Current Status: No longer authorised
Reference Number: 305257
Website: www.cloverfinancial.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfTXQAA3
A firm with the status "No longer authorised" may have had its authorisation revoked by the Financial Conduct Authority (FCA) for a variety of reasons. These may include voluntary cancellation due to changes in the firm's business model, ceasing operations, or merging with another firm; failure to meet ongoing regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with rules and regulations; 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 the specific firm's authorisation status and reasons for any changes.
This includes providing their staff with adequate training and support to understand and adhere to regulatory requirements, ensuring adequate systems and controls are in place, identifying and managing conflicts of interest, disclosing accurate and complete information, implementing best execution practices, protecting clients' assets, preventing and reporting financial crime, adhering to data protection rules, and maintaining sufficient capital and liquidity.
The UK financial services industry has experienced a number of high-profile cases of financial mis-selling, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. In response, the Financial Conduct Authority (FCA) has implemented enforcement actions, compensation schemes, and regulations to improve disclosure and transparency. Despite these efforts, the risk of mis-selling remains a pressing concern, and the FCA must continue to monitor the industry closely to ensure consumers are adequately protected.
Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation. Typically, this involves taking the following steps: 1. Contact the firm: File a formal complaint with the firm that sold the financial product or service, including all relevant details and evidence of mis-selling. The firm is obligated to investigate and provide a response 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 contact the Financial Ombudsman Service. The FOS is an independent body that resolves disputes between consumers and financial services providers. They review the case, consider both sides of the argument, and make a decision. The service is free for consumers, and the decision is legally binding on the firm. 3. Financial Services Compensation Scheme (FSCS): If 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 is 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. Keep in mind 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.