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Diamond Financial Services Ltd

Current Status: No longer authorised

Reference Number: 408226

Website: www.diamondfinancialservices.co.uk

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfRO8AAN



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A firm whose authorisation has been removed by the FCA may have had this happen for a variety of reasons. These can include voluntary cancellation, either due to changes in the firm's business model, ceasing operations, or merging with another firm; failure to meet required regulatory standards; non-compliance with FCA rules and regulations; enforcement action due to breaches of regulatory requirements or misconduct; failure to pay FCA fees; or inactivity for a certain period of time. To find out more about a firm's authorisation status and the reasons for any changes, it's important to consult the FCA Register or contact the FCA directly.

Non-compliance with rules and regulations can arise from a variety of causes, such as 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 ensure compliance, firms must create a strong compliance culture, establish effective governance structures, and monitor and report on their activities on an ongoing basis.

The UK's financial services industry has been plagued by financial mis-selling in the past, with several high-profile cases involving a variety of products and services. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. In response, the Financial Conduct Authority (FCA) has taken action to compensate affected consumers, introduce new regulations for improved disclosure and transparency, and enforce penalties for further violations. Despite these efforts, the risk of mis-selling persists and requires continued vigilance from both regulators and the industry.

Consumers who believe they 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, the consumer can then escalate the issue to the Financial Ombudsman Service for review and resolution. In cases where the firm is no longer in business or has been declared in default, the consumer may be eligible to file a claim with the Financial Services Compensation Scheme. It's important to act quickly and consider getting independent financial or legal advice to ensure the best outcome.

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