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Doug Hacking Motor Cycles

Current Status: No longer authorised

Reference Number: 311210

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfPY9AAN


Ivy Road Garage
Ivy Road
B L 1 3 D J


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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 a particular firm's authorisation status and any reasons for any changes.

Various factors can lead to non-compliance, including 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. It is therefore essential for firms to ensure they understand and adhere to all applicable laws, regulations, and industry standards.

The UK financial services industry has a long history of financial mis-selling, with several high-profile cases involving numerous products and services. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. The total compensation paid out to affected consumers has exceeded £38 billion, while banks have been required to compensate businesses with billions of pounds in redress. In response to this, the Financial Conduct Authority (FCA) has implemented various measures to protect consumers and ensure fair treatment in the financial services sector. This includes enforcement actions, compensation schemes, and new regulations to enhance disclosure and transparency. Despite these efforts, the risk of mis-selling continues to exist, requiring vigilance from both the regulator and the industry.

To make sure they are pursuing the right course of action, consumers should contact the firm that sold the product or service in the first instance and enquire about the process of seeking compensation. If required, they can then proceed to the Financial Ombudsman Service or Financial Services Compensation Scheme to pursue their claim.

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