Address
4.40E+12
Hancocks Mortgage Services
Current Status: No longer authorised
Reference Number: 303261
Website: www.hancocksmortgages.com
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfS2YAAV
A firm that is no longer authorised by the Financial Conduct Authority (FCA) may have had its authorisation removed for a variety of reasons. This could include voluntary cancellation due to changes in the firm's business model, ceasing operations, or merging with another firm. It could also be due to failure to meet ongoing regulatory requirements such as capital adequacy, risk management, or governance standards, or due to non-compliance with FCA rules and regulations, either due to a specific incident or a pattern of misconduct. The FCA may also take enforcement action against the firm for breaches of regulatory requirements or misconduct, which could lead to the revocation of authorisation as part of the penalty. Other reasons for the FCA revoking a firm's authorisation may include failure to pay the required FCA fees, or if the firm has been inactive for a certain period and has not provided regulated services. To find out more information about a specific firm's authorisation status and reasons for any changes, it's important to check the FCA register or contact the FCA directly.
Causes of non-compliance can range from inadequate systems and controls, poor governance, insufficient staff training, and misleading or inaccurate disclosures, to conflicts of interest, breaches of conduct rules, inadequate client protections, financial crime, data protection breaches, and inadequate capital or liquidity. It's essential for firms to ensure that all applicable rules and regulations are adhered to in order to ensure a safe and secure business environment.
In recent years, mis-selling of financial products and services has been a major issue in the UK, with several high-profile cases involving a variety of products. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment Mortgages, and Pension Mis-selling. The amount of compensation paid to affected consumers and businesses has been huge, surpassing £38 billion in the case of PPI alone. In response, the Financial Conduct Authority (FCA) has taken several measures to address the problem, such as imposing enforcement actions, providing compensation, and introducing new regulations to increase disclosure and transparency. Nonetheless, the risk of mis-selling still persists, making it essential that both the FCA and other financial institutions remain vigilant in order to protect consumers.
Consumers who believe they have been mis-sold a financial product or service in the UK are advised to take the following steps: Contact the firm: Reach out to the firm that sold the product or service and file a formal complaint, providing all relevant details and evidence of mis-selling. The firm is obligated to investigate and respond to the complaint, typically within eight weeks. Financial Ombudsman Service (FOS): If the firm denies the claim or the consumer is not satisfied with the response, they can escalate the issue to the Financial Ombudsman Service. The FOS is an independent body that resolves disputes between consumers and financial services providers. They will review the case, consider both sides of the argument, and make a decision. The service is free for consumers, and the decision is legally binding on the firm. Financial Services Compensation Scheme (FSCS): In cases where 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. The FSCS is a statutory compensation fund that provides compensation to consumers when authorized financial services firms fail or are unable to meet claims. The amount of compensation the FSCS can pay may be limited, depending on the type of financial product or service involved. It's essential to act promptly when seeking compensation for mis-selling, as there may be time limits for submitting claims. Consumers may also want to seek independent financial or legal advice, particularly if the claim is complex or involves a large sum of money. It's important to 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 financial product, service, or circumstances involved.