Address
Warwick House
Spring Road
Tyseley
Birmingham
West Midlands
B11 3EA
B 1 1 3 E A
UNITED KINGDOM
Consumer Finance Solutions Limited
Current Status: No longer authorised
Reference Number: 302246
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfReaAAF
A firm with the status of "No longer authorised" may have had its authorisation revoked by the Financial Conduct Authority (FCA) for a number of 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 due to a specific incident or 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 of time. To find out more information about a particular firm's authorisation status and the reasons for any changes, it's important to check the FCA register or contact the FCA directly.
Reasons for non-compliance can range from inadequate systems and controls, to 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 implement internal systems and controls, provide employees with adequate training and support, and ensure proper disclosure, oversight, and client protection measures.
The UK financial services industry has been plagued by financial mis-selling in the past, with high-profile cases concerning Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. These incidents have led to billions of pounds in compensation paid out to affected consumers and businesses. The Financial Conduct Authority (FCA) has taken numerous steps to address the issue, such as introducing new regulations to enhance disclosure and transparency, as well as enforcing penalties and offering compensation schemes. Despite these efforts, the risk of mis-selling persists and requires constant monitoring from both the regulator and the industry.
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 for the mis-selling, filing a formal complaint, and providing relevant details and evidence. If the complaint is rejected or the consumer is not satisfied with the response, they can escalate the issue to the Financial Ombudsman Service. In cases where the firm is no longer in business or has been declared in default, claims can be filed with the Financial Services Compensation Scheme. It's essential to act quickly and consider seeking independent financial or legal advice when seeking compensation. However, note that specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.