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Craig Mitchell

Current Status: Applied to Cancel

Reference Number: 624013

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000VovQcAAJ


Firms are required to confirm at least annually that these details are correct.

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A firm with the status 'No longer authorised' may have had its authorisation revoked for a variety of reasons. These could include voluntary cancellation of authorisation 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 FCA rules and regulations; enforcement action for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; and inactivity for a certain period and not providing regulated services. To find out more information about a specific firm's authorisation status and reasons for any changes, it is important to check the FCA register or contact the FCA directly.

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. In order to ensure compliance, firms should provide their employees with the necessary training and support, implement effective internal controls, identify and manage conflicts of interest, and ensure the proper protection of clients and their data.

The UK Financial Conduct Authority (FCA) has introduced new regulations and taken steps to mitigate mis-selling in the financial services industry. This includes enforcement actions, compensation schemes, and increased transparency and disclosure requirements. Nonetheless, financial mis-selling remains an issue of concern, particularly in relation to products such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. These have led to billions of pounds in compensation payments and significant losses for consumers. It is therefore essential that the FCA continue to monitor the sector and take firm action against any mis-selling to ensure that consumers are treated fairly.

Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. The process typically involves the following steps: 1. Contact the firm: File a formal complaint with the firm that sold the financial product or service, providing all relevant details and evidence of mis-selling. The firm must 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. They will review the case, consider both sides of the argument, and make a decision. Their service is free for consumers, and their decisions are 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'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 specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.

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