Address
4.40E+12
Motorcare Warranties Limited
Current Status: No longer authorised
Reference Number: 312692
Website: www.motorcarewarranties.com
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfRKiAAN
A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons, including 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 consult the FCA register or contact the FCA directly to determine the exact reason for the cancellation of a firm's authorisation.
Various reasons can lead to non-compliance, such as 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 prevent these issues, firms must establish a strong compliance culture and implement effective controls, monitoring, and reporting systems.
The UK financial services industry has been plagued by financial mis-selling in the past, with numerous high-profile cases involving a variety of financial products and services. These include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension mis-selling. As a result, billions of pounds have been paid out in compensation to affected consumers and businesses. The Financial Conduct Authority (FCA) has taken numerous steps to address these issues, such as enforcement actions, the introduction of new regulations to improve disclosure and transparency, and compensation schemes. However, the risk of mis-selling persists and requires ongoing vigilance from both the FCA and the industry.
If you believe you have been mis-sold a financial product or service, you should contact the firm responsible for the mis-selling and follow the steps outlined above. Be sure to document all communication and evidence in case you need to escalate the issue to the Financial Ombudsman Service or Financial Services Compensation Scheme. Additionally, consider seeking independent financial or legal advice. Taking these steps can help ensure that you receive the compensation you are entitled to.