Address
Abbotsford House
129-131 Abbotsford Place
Glasgow
Lanarkshire
G5 9SS
G 5 9 S S
UNITED KINGDOM
Financial Intelligence Ltd
Current Status: No longer authorised
Reference Number: 218800
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfMi9AAF
A firm with the status "No longer authorised" may have had its authorisation removed for any of the following reasons: voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. It is essential to consult the FCA register or contact the FCA directly for further details about the specific firm's authorisation status and reasons for any changes.
Potential causes of 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. By being aware of these potential issues and taking the necessary steps to prevent them, firms can ensure that they comply with all relevant rules and regulations.
Over the past few years, mis-selling of financial products and services has been a problem in the UK financial services industry, with several high-profile cases involving a range of different products. These include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. The total compensation paid to affected consumers as a result of these scandals has exceeded £38 billion. The Financial Conduct Authority (FCA) has taken numerous steps to combat financial mis-selling and ensure fair treatment for consumers, such as imposing fines on companies found guilty of mis-selling, introducing compensation schemes, and introducing new regulations to improve disclosure and transparency. Despite these efforts, the risk of mis-selling still persists, and it is important for both regulators and the industry to remain vigilant in order to protect consumers from financial harm.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. The process typically involves contacting the firm that sold the product or service to file a formal complaint, providing all relevant details and evidence of mis-selling. If the firm rejects the complaint or the consumer is not satisfied with the response, they can escalate the issue to the Financial Ombudsman Service, who will review the case and make a decision. If the responsible firm is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. It is essential to act promptly when seeking compensation, as there may be time limits for submitting claims. Additionally, consumers should consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money. Note that while these general steps apply to most cases of financial mis-selling in the UK, specific processes and eligibility criteria may vary depending on the product, service, or circumstances involved.