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Drummond Moores Plc

Current Status: No longer authorised

Reference Number: 145826

Website: www.drummondmoores.com

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfFXMAA3



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A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons. These could include voluntary cancellation due to changes in the firm's business model, ceasing operations, or merging with another firm; failure to meet ongoing regulatory requirements; non-compliance with FCA rules and regulations; enforcement action taken against the firm for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; or inactivity. It's important to check the FCA register or contact the FCA directly for more information about a specific firm's authorisation status and why it has changed.

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. Firms must strive to be aware of and comply with all applicable regulations to avoid any legal or financial repercussions.

In the past, the UK financial services industry has seen a number of high-profile 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 in compensation being paid to affected consumers. The Financial Conduct Authority (FCA) has taken steps to address mis-selling, such as enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. However, the risk of mis-selling remains a concern, and vigilance is needed from both regulators and the industry to ensure that consumers are adequately protected.

Consumers who have been mis-sold financial products or services in the UK may be able to claim compensation. In order to do so, they should first contact the firm that sold the product or service and file a formal complaint. If the complaint is rejected or the consumer is not satisfied with the response, they can 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, consumers can file a claim with the Financial Services Compensation Scheme. It's important to act promptly and to consider seeking independent financial or legal advice, as time limits may apply and the circumstances may be complex. Processes and eligibility criteria may vary depending on the product, service, or circumstances.

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