Address
MGA House
27 Manchester Road
Nelson
Lancashire
BB9 7JD
B B 9 7 J D
UNITED KINGDOM
Motor & General and Aldersley & Co. Insurance Services Limited
Current Status: No longer authorised
Reference Number: 116812
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfF1nAAF
A firm with the status "No longer authorised" may have had its authorisation revoked by the FCA 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. To find out more information about a particular firm's authorisation status and why it has been revoked, it is essential to check the FCA register or contact the FCA directly.
Potential causes of 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. Firms should take appropriate measures to identify, manage, and mitigate these risks to ensure compliance with applicable laws and regulations.
The UK financial services industry has seen a number of high-profile cases of financial mis-selling in the past, the most prominent of which being Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. This has resulted in billions of pounds of compensation being paid to affected consumers and businesses, highlighting the need for robust regulatory frameworks and ongoing oversight by the Financial Conduct Authority (FCA). The FCA has taken a number of steps to address mis-selling, including enforcement actions, compensation schemes, and the introduction of new regulations aimed at improving disclosure and transparency. However, mis-selling continues to be an issue in the UK, and vigilance from both regulators and the industry is essential in order to protect consumers from these practices.
Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation. To pursue a claim, they must first contact the firm that sold the product or service and file a formal complaint, providing all relevant details and evidence of mis-selling. If the firm rejects the complaint or the consumer is not satisfied with the response, they can escalate the issue to the Financial Ombudsman Service (FOS) who will review the case and make a decision, binding on the firm. 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 (FSCS). It's important to act quickly, as there may be time limits for submitting claims, and it is recommended to seek independent financial or legal advice for complex or large claims. Note that the process for seeking compensation and the eligibility criteria may vary depending on the financial product, service, or circumstances involved.