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Motor Car Credit

Current Status: No longer authorised

Reference Number: 313966

Website: www.motorcarcredit.co.uk

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfSheAAF



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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 or ceasing operations, 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 required FCA fees, or inactivity for a certain period of time. 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.

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. To ensure compliance, firms should provide regular training and support to their employees, implement internal controls and procedures, identify and manage conflicts of interest, and adhere to applicable regulatory requirements.

The UK financial services industry has been plagued by instances of financial mis-selling, with some of the most high profile cases involving Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. This has resulted in billions of pounds in compensation being paid to affected customers. In response to these issues, the Financial Conduct Authority (FCA) has taken a number of steps to protect consumers and promote fair treatment in the financial services sector, such as enforcement actions, compensation schemes, and the introduction of new regulations. However, the risk of mis-selling is still a source of concern as it may vary across different financial products and services, necessitating ongoing vigilance from both regulators and the industry.

If you believe you have been mis-sold a financial product or service in the UK, you may be entitled to claim compensation. The first step is to contact the firm responsible and file a formal complaint, providing all relevant details and evidence of mis-selling. If the firm rejects the complaint or you are not satisfied with the response, you can contact the Financial Ombudsman Service for a review of the case. Additionally, 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. When seeking compensation, it is important to act promptly and seek independent financial or legal advice.

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