Address
Cornbrook
2 Brindley Road
Manchester
Lancashire
M16 9HQ
M 1 6 9 H Q
UNITED KINGDOM
MKD Group Ltd
Current Status: No longer authorised
Reference Number: 448925
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfYZNAA3
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 a particular firm's authorisation status and the reasons for any changes.
Common causes of non-compliance 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. To ensure compliance, firms must establish and maintain effective internal systems, controls, and procedures to identify, manage, and mitigate risk.
The UK financial services industry has been plagued by mis-selling scandals, with prominent cases concerning Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. The total compensation paid to affected consumers surpassed £38 billion, while small and medium-sized businesses were also hit with billions of pounds in redress. In response to such incidences, the Financial Conduct Authority (FCA) has taken action to protect consumers, including enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. Despite these efforts, mis-selling still persists, and requires further vigilance from both regulators and the industry to reduce the risk of financial harm to consumers.
Those who have been mis-sold a financial product or service in the UK may be eligible to receive compensation. To start the process, they should first contact the firm responsible for the mis-selling and file a formal complaint, providing all relevant details and evidence. If the firm rejects the complaint or the consumer is not satisfied with their response, they can escalate it to the Financial Ombudsman Service. The FOS is an independent body that will consider both sides of the argument and make a decision. In cases where the firm responsible for the mis-selling is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. It's important to act promptly when seeking compensation, as there may be time limits for submitting claims. Consumers should also consider seeking independent financial or legal advice.