Address
4.41E+12
More Finance Ltd
Current Status: No longer authorised
Reference Number: 302852
Website: www.morefinance.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfSFWAA3
A firm with the status "No longer authorised" may have had its authorisation removed by the Financial Conduct Authority (FCA) 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 regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with FCA rules and regulations; enforcement action taken by the FCA for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; or inactivity. In order to find out more about a specific firm's authorisation status and reasons for any changes, it is essential to check the FCA register or contact the FCA directly.
Causes of non-compliance can include inadequate systems and controls, weak 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 have the necessary policies and procedures in place, provide appropriate training to staff, and regularly monitor and report their activities.
The UK financial services industry has a long history of financial mis-selling, with numerous high-profile cases involving various products and services, including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. The total compensation paid to consumers and businesses affected by these scandals has exceeded £38 billion. In order to ensure consumer protection and fair treatment, the Financial Conduct Authority (FCA) takes a proactive approach to detecting and addressing mis-selling by conducting oversight, launching enforcement actions, and introducing new regulations to improve disclosure and transparency. However, the risk of mis-selling persists, and vigilance from both regulators and the industry is needed to ensure that it does not occur.
To determine if you are eligible to claim compensation and the steps you need to take, contact the firm that sold the financial product or service or the Financial Ombudsman Service.