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Financial Solutions (Investment & Retirement Options) Limited

Current Status: No longer authorised

Reference Number: 229943

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfXMoAAN


Ashfield House
Unit 26 Howley Park Business Village
Howley Park Road
West Yorkshire
LS27 0BZ
L S 2 7 0 B Z


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A firm with the status "No longer authorised" may have had its authorisation revoked by the Financial Conduct Authority (FCA) for a variety of reasons. These may include 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 regarding 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. Companies must have in place measures to identify, manage, and disclose conflicts of interest, and adhere to best execution practices, client asset segregation, and proper client onboarding and due diligence. Additionally, they should have adequate controls in place to prevent, detect, and report financial crimes such as money laundering, terrorist financing, and fraud.

The UK financial services industry has seen a history of financial mis-selling, with several high-profile cases involving Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension products. In response, the Financial Conduct Authority (FCA) has implemented enforcement actions, compensation schemes, and new regulations to improve disclosure and transparency. Despite these efforts, there is still a risk of mis-selling across different financial products and services, and vigilance is needed from both regulators and the industry to ensure fair treatment of consumers.

Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. The process typically starts with filing a formal complaint with the firm that sold the product or service, including all relevant 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. This independent body will review the case, consider both sides of the argument, and make a decision that is legally binding on the firm. 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. It is important to act quickly when seeking compensation and to consider seeking independent financial or legal advice, as there may be time limits for submitting claims and the claim may be complex. While these general steps apply to most cases of financial mis-selling in the UK, specific processes and eligibility criteria may vary.

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