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McGinnis Associates Limited

Current Status: No longer authorised

Reference Number: 302290

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfR6wAAF


10 Woodhall Cottages
East Lothian
EH42 1SH
E H 4 2 1 S H


0/5 (0 Reviews)

A firm with the status "No longer authorised" may have had its authorisation removed for various 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 for more information about a particular firm's authorisation status and the reasons behind any changes.

This can involve developing and implementing comprehensive policies, procedures, and controls; providing regular staff training and support; and conducting ongoing risk assessments and internal audits to identify and address any potential issues. By taking these steps, firms can ensure that their operations and activities remain compliant with applicable rules and regulations.

The UK financial services industry has experienced numerous cases of financial mis-selling in the past, including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. These have resulted in large-scale compensation payments to affected consumers and businesses, with a total of £38 billion paid out for PPI alone. To combat this issue, the Financial Conduct Authority (FCA) has implemented measures such as enforcement actions, compensation schemes, and improved regulations to promote transparency and disclosure. However, the risk of mis-selling remains a persistent concern, and it is necessary for both regulators and industry members to remain vigilant.

UK consumers who have been mis-sold financial products or services may be eligible to claim compensation. The process typically involves the following steps: contacting the firm responsible for the mis-selling and filing a formal complaint, escalating the issue to the independent Financial Ombudsman Service (FOS) if necessary, and filing a claim with the Financial Services Compensation Scheme (FSCS) if the firm is no longer in business or has been declared in default. It is important to act promptly and consider seeking independent financial or legal advice as there may be time limits for submitting claims. However, the exact process and eligibility criteria may vary depending on the financial product, service, or circumstances involved.

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