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Ilfracombe & District Credit Union Limited

Current Status: No longer authorised

Reference Number: 213859

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfM8YAAV


1 Church Street
EX34 8HA
E X 3 4 8 H A


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A firm with the status "No longer authorised" may have had its authorisation revoked for a variety of reasons, such as 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 to find out more information regarding a particular firm's authorisation status and the reasons for any changes.

Such measures can help to identify and address any potential risks or issues before they become regulatory violations.

The UK financial services industry has seen significant cases of financial mis-selling in the past, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. Consumers have faced significant losses due to these mis-sold products, with banks having to pay out billions in compensation. The Financial Conduct Authority (FCA) has taken action to address this issue, introducing new regulations to increase disclosure and transparency, and launching compensation schemes to help consumers affected by mis-selling. Nonetheless, the risk of mis-selling remains, and vigilance from both regulators and the industry is needed to ensure fair treatment of consumers.

Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation. To seek compensation, the process typically involves contacting the firm that sold the financial product or service to file a formal complaint and provide 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 (FOS). The FOS is an independent body that will review the case and make a decision, which is legally binding on the firm. In cases where the firm is no longer in business or has been declared in default, a claim can be filed with the Financial Services Compensation Scheme (FSCS). It's important to act promptly as there may be time limits for submitting a claim, and seeking independent financial or legal advice is recommended if the claim is complex or involves a large sum of money. Note that specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.

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