Address
45 Doughty Street
London
WC1N 2LR
W C 1 N 2 L R
UNITED KINGDOM
Independent Personal Financial Services Limited
Current Status: No longer authorised
Reference Number: 150119
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfGHwAAN
A firm with the status "No longer authorised" may have had its authorisation removed 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 get more information about the specific firm's authorisation status and the reasons behind any changes.
Reasons for non-compliance can include inadequate systems and controls, ineffective 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. To ensure compliance, firms should provide staff with adequate training, implement appropriate monitoring and reporting systems, and develop policies and procedures to address conflicts of interest and financial crime.
The UK financial services industry has had a history of financial mis-selling, with several high-profile cases involving various products and services, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. These cases have resulted in billions of pounds in compensation to affected consumers and businesses. In response to this, the Financial Conduct Authority (FCA) has taken steps to address mis-selling issues, including enforcement actions, compensation schemes, and the introduction of new regulations. However, the risk of mis-selling still exists and requires vigilance from both the FCA and the industry.
Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation. To seek this, the consumer should contact the firm that sold the product or service and file a formal complaint, providing all relevant details and evidence of mis-selling. If the complaint is rejected or the response is unsatisfactory, the consumer can then escalate the issue to the Financial Ombudsman Service, an independent body that resolves disputes between consumers and financial services providers. If the firm is no longer in business or has been declared in default, a claim can be filed with the Financial Services Compensation Scheme. It's important to note that there may be time limits for submitting claims, and it's advisable to seek independent financial or legal advice if the claim is complex or involves a large sum of money.