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.
Motorcare Elite (2008) Ltd
Current Status: Revoked
Reference Number: 501443
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MgBUnAAN
A firm with the status "No longer authorised" may have had its authorisation revoked by the FCA for various reasons, including voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, and inactivity. It is important to consult the FCA register or contact the FCA directly to learn more about the firm's status and the rationale for the revocation of its authorisation.
Possible 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. Firms must take proactive steps to ensure compliance with applicable laws and regulations.
In recent years, the UK financial services industry has seen numerous high-profile cases of financial mis-selling. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages and pension mis-selling. These cases illustrate the need for strong regulatory frameworks and continuous oversight by the Financial Conduct Authority (FCA) in order to protect consumers and ensure fair treatment. The FCA has taken actions to combat mis-selling, such as issuing enforcement measures, establishing compensation schemes and introducing new regulations. Despite these efforts, mis-selling may still occur in different areas of the financial services sector and the FCA must stay vigilant to ensure the safety of consumers.
If you have been mis-sold a financial product or service in the UK, the process for seeking compensation typically involves the following steps: firstly, contact the firm that sold it to you 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 then escalate the issue to the Financial Ombudsman Service, an independent body that resolves disputes between consumers and financial services providers. If 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 is important to act promptly, as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money. Keep in mind, however, that specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.