Address
4.40E+12
Current Status: No longer authorised
Reference Number: 575160
Website: www.eqfp.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000NMgWpAAL
4.40E+12
A firm that has been given the status of "No longer authorised" may have had its authorisation revoked for a variety of reasons, including 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 consult the FCA register or contact the FCA directly for more information about the specific firm's authorisation status and the reasons for any changes.
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. Establishing a strong compliance culture, implementing effective governance systems, and continued monitoring and reporting can help firms avoid non-compliance.
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 incidents have resulted in billions of pounds in compensation being paid out to affected consumers and businesses, emphasizing the need for strong regulatory frameworks and ongoing oversight by the Financial Conduct Authority (FCA). The FCA has taken significant steps to address mis-selling, such as enforcement actions, compensation schemes, and new regulations to improve disclosure and transparency. However, the risk of mis-selling still exists and requires vigilance from both regulators and the industry to ensure consumer protection.
Consumers who have been mis-sold a financial product or service in the UK may be eligible for compensation. The process of seeking compensation typically requires the consumer to first contact the firm responsible for the mis-selling and file a formal complaint, providing all relevant details and evidence. If the firm denies the complaint or the consumer is unsatisfied with their response, the consumer may escalate the complaint to the Financial Ombudsman Service (FOS). The FOS is an independent body that resolves disputes between consumers and financial service providers and makes a legally binding decision. 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 (FSCS). It is important to act quickly as there may be time limits to submit claims and to consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money. Note that the specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.