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David James Financial Services Limited

Current Status: No longer authorised

Reference Number: 149405

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfG7oAAF


45B Plains Road
N G 3 5 J U


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A firm with the status of "No longer authorised" may have had its authorisation removed for a variety of reasons. These can 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; enforcement action; failure to pay fees; or inactivity. It is important to consult the FCA register or contact the FCA directly for more information about a specific firm's authorisation status and the reasons for any changes.

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. To prevent these issues, firms should provide employees with the necessary guidance, tools, and training to understand and adhere to applicable regulations. It's also important to ensure that adequate systems, controls, and procedures are in place to identify, manage, and disclose conflicts of interest, as well as to prevent, detect, and report financial crimes. Lastly, firms should maintain the required level of capital and liquidity to support their operations and manage risk.

In the past, the UK financial services industry has seen several cases of financial mis-selling, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension mis-selling. These cases have resulted in billions of pounds being paid out in compensation to affected consumers and businesses. In response, the Financial Conduct Authority (FCA) has taken action to tackle mis-selling, including enforcement actions, compensation schemes and new regulations to improve disclosure and transparency. However, the risk of mis-selling still exists and requires vigilance from both the regulator and the industry.

If you think you have been mis-sold a financial product or service, it is important to contact the firm responsible and then, if necessary, escalate the issue to the Financial Ombudsman Service or Financial Services Compensation Scheme. It is also recommended to seek independent financial or legal advice if your claim is complex or involves a large sum of money. Take action promptly, as there may be time limits for submitting claims.

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