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Direct Sharedeal Ltd

Current Status: Applied to Cancel

Reference Number: 188753

Website: www.directsharedeal.com

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfI6mAAF


This firm has requirements or restrictions placed on the financial services activities that it can operate. Requirements or restrictions can include suspensions.

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A firm with the status "No longer authorised" may have had its authorisation removed due to a variety of reasons, such as voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. 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.

Potential causes of non-compliance may 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, or inadequate capital or liquidity. Companies must ensure that they are aware of and compliant with all applicable laws, regulations, and industry standards, to avoid penalties and reputational damage.

The Financial Conduct Authority (FCA) has taken substantial measures to combat the problem of financial mis-selling in the UK financial services industry, with several high-profile cases involving a range of financial products and services. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension mis-selling. These cases have resulted in billions of pounds in compensation for affected consumers and businesses. In order to prevent such occurrences, the FCA has enforced actions, put in place compensation schemes and implemented new regulations to ensure disclosure and transparency. Despite these efforts, the risk of mis-selling remains, and therefore it is essential for both regulators and the industry to remain vigilant.

Consumers who have been mis-sold financial products or services in the UK may be eligible to seek compensation. The usual process involves contacting the firm responsible for the mis-selling and filing a formal complaint. If the firm denies the complaint or the consumer is not satisfied with the response, the consumer may escalate the issue to the Financial Ombudsman Service, an independent body that resolves disputes between consumers and financial services providers. If the firm responsible for the mis-selling is no longer in business or has been declared in default, the consumer may file a claim with the Financial Services Compensation Scheme. It is important to act promptly when seeking compensation and to consider seeking independent financial or legal advice if the claim is complex. Note that the specific processes and eligibility criteria may vary depending on the circumstances.

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