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.
MFP Group PLC
Current Status: Revoked
Reference Number: 229552
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfVqWAAV
A firm with the status "No longer authorised" may have had its authorisation removed for various reasons. These may include voluntary cancellation due to changes in the firm's business model or ceasing operations, failure to meet ongoing regulatory requirements such as capital adequacy or risk management, 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. To find out more about a specific firm's authorisation status and reasons for any changes, it's important to check the FCA register or contact the FCA directly.
Reasons for non-compliance can 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. Organizations must take steps to ensure that they are meeting all regulatory requirements and maintaining a culture of compliance.
The UK financial services industry has seen a number of high-profile cases of mis-selling in the past, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. The Financial Conduct Authority (FCA) has taken action to address this issue, including enforcement actions, compensation schemes, and new regulations to improve disclosure and transparency. Nevertheless, the risk of mis-selling still exists, and demands ongoing vigilance from both the regulator and the industry.
If you have been mis-sold a financial product or service in the UK, it is important to act quickly in order to obtain compensation. The process usually involves contacting the firm that sold the product or service and filing a formal complaint, followed by the Financial Ombudsman Service (FOS) if the complaint is rejected or not satisfied. If the firm is no longer in business or has been declared in default, you can file a claim with the Financial Services Compensation Scheme (FSCS). You may also want to seek independent financial or legal advice. Keep in mind that while these steps generally apply, specific processes and eligibility criteria may vary depending on the product, service, or circumstances involved.