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Lifestyle Financial Services Limited

Current Status: No longer authorised

Reference Number: 143005

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfFdKAAV


Suite E
Conifer Rooms
Shirethorn Centre
37-42 Prospect Street
North Humberside
H U 2 8 P X


0/5 (0 Reviews)

A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons. These could include voluntary cancellation due to changes in the firm's business model, ceasing operations, or merging with another firm; failure to meet ongoing regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with FCA rules and regulations; enforcement action for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; or inactivity for a certain period of time. To get more information about a particular firm's authorisation status and reasons for any changes, it is recommended to check the FCA register or contact the FCA directly.

These measures may include: Establishing clear policies and procedures: Firms should have written policies and procedures in place outlining their compliance requirements. Providing staff training: Employees should receive regular training to ensure they understand and adhere to applicable rules and regulations. Maintaining robust systems and controls: Internal systems and controls should be implemented and regularly monitored to ensure compliance with applicable regulations. Managing conflicts of interest: Conflict of interest management systems should be established to manage, identify, and disclose potential conflicts. Conducting periodic reviews: Firms should regularly review their activities to identify any potential non-compliance issues and take corrective action. Enforcing a culture of compliance: A culture of compliance should be established and actively reinforced among staff and management. Performing due diligence: Firms should conduct thorough due diligence into potential clients and counterparties to identify any potential compliance risks. Protecting client assets: Firms should ensure that client assets are segregated and safeguarded against any potential losses. Preventing financial crime: Adequate measures should be taken to prevent and detect financial crime, including money laundering and terrorist financing. Ensuring data protection: Firms should have systems in place to protect personal and sensitive information in accordance with applicable data protection regulations. Maintaining adequate capital and liquidity: Firms should ensure they maintain the required amount of capital and liquidity to support their operations. It is essential for firms to develop and implement effective compliance systems, policies, and procedures to ensure they comply with applicable rules and regulations. This may include establishing clear policies and procedures, providing staff training, maintaining robust systems and controls, managing conflicts of interest, conducting periodic reviews, enforcing a culture of compliance, performing due diligence, protecting client assets, preventing financial crime, ensuring data protection, and maintaining adequate capital and liquidity.

The UK financial services industry has had its share of mis-selling scandals in the past, with several high-profile cases involving a range of financial products and services. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. Banks have paid out billions in compensation to affected consumers and businesses. To address these issues, the Financial Conduct Authority (FCA) has taken various measures, such as enforcement actions, compensation schemes, and the introduction of new regulations for improved disclosure and transparency. Despite these efforts, mis-selling persists in the UK, and there are still risks of consumers being taken advantage of in the financial services sector. It is therefore essential that the FCA and the industry remain vigilant in order to protect consumers and promote fair treatment.

If you believe you have been mis-sold a financial product or service, the first step is to contact the firm responsible and file a complaint. If they reject the complaint or you are not satisfied with their response, you can escalate the issue to the Financial Ombudsman Service and seek a binding decision. If the firm responsible is no longer in business or has been declared in default, you can file a claim with the Financial Services Compensation Scheme. It's important to act promptly and consider seeking independent financial or legal advice before submitting a claim.

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