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E A Grimstead and Son Limited

Current Status: No longer authorised

Reference Number: 306272

Website: www.eddygrimstead.co.uk

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfV1qAAF



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A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons, including 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 for breaches of regulatory requirements or misconduct; failure to pay FCA fees; or inactivity. It is important to check the FCA register or contact the FCA for more information about the specific firm's authorisation status and the reasons for any changes.

Reasons for 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, and inadequate capital or liquidity. It is important for firms to put measures in place to ensure that all applicable rules and regulations are being followed.

The UK financial services industry has been plagued by instances of financial mis-selling in the past, with numerous high-profile cases involving various products and services. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension mis-selling. To address this, the Financial Conduct Authority (FCA) has taken decisive action to protect consumers from mis-selling, by implementing enforcement measures, compensation schemes and regulations to ensure transparency and disclosure. Despite this, the risk of mis-selling remains a continued problem that requires the ongoing attention of both regulators and the industry.

Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. The process usually involves contacting the firm that sold the product or service to start a formal complaint, followed by escalating the issue to the Financial Ombudsman Service (FOS) if the firm rejects the complaint. In cases where the firm is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme (FSCS). Time limits may apply to submitting claims, so it's important to act promptly and seek independent financial or legal advice if necessary.

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