Address
This firm has been subject to disciplinary or regulatory action. That action may be historic or it may currently affect the regulated activities they are permitted to do. Check the record and contact the FCA if you need further help.
Lavell & Co Limited
Current Status: Revoked
Reference Number: 303655
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfSMJAA3
A firm that is no longer authorised by the Financial Conduct Authority (FCA) may have had its authorisation revoked 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. To find out more information on a particular firm's authorisation status and the reasons for any changes, it is essential to check the FCA register or contact the FCA directly.
Different 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. Firms should strive to ensure compliance with all applicable rules and regulations by implementing effective internal systems, controls, and procedures.
Financial mis-selling has been a major problem in the UK financial services industry in the past, with many high-profile cases involving a range of financial products and services. These include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. The total compensation paid out to affected consumers and businesses exceeded £38 billion. The FCA has taken strong actions to address mis-selling issues, including enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. Nevertheless, the risk of mis-selling remains an ongoing issue, and both regulators and the industry must remain vigilant in order to protect consumers from such practices.
Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation. To start the process, contact the firm responsible for the mis-selling and file a formal complaint with all relevant details and evidence. 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, consider both sides of the argument, and make a binding decision. 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 (FSCS). It's important to act quickly, as there may be time limits for submitting claims. Consumers may also wish to seek independent financial or legal advice. Note that eligibility criteria and processes may vary depending on the financial product, service, or circumstances involved.