Address
4.40E+12
Mw Finance Ltd.
Current Status: No longer authorised
Reference Number: 306338
Website: www.mwfinance.com
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfVOmAAN
A firm with the status "No longer authorised" may have had its authorisation removed for any of the following reasons: voluntary cancellation, failing to meet regulatory requirements, non-compliance with rules and regulations, enforcement action taken by the FCA, failure to pay fees, or inactivity. To find out more information about a particular firm, it is important to check the FCA register or contact the FCA directly.
These measures should include adequate systems and controls, staff training, disclosure requirements, conflict of interest management, conduct rules, client protections, financial crime prevention, data protection, and capital and liquidity requirements.
The Financial Conduct Authority (FCA) has taken various measures to protect consumers from mis-selling and ensure fair treatment in the UK financial services industry. Examples of high-profile mis-selling include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages and Pension mis-selling. In each case, consumers have been compensated with billions of pounds in redress. Nevertheless, there is a risk of mis-selling and the FCA must remain vigilant. New regulations have been introduced to improve disclosure and transparency, but the extent of mis-selling may still vary across different financial products and services. It is therefore essential for the FCA to continue to enforce actions and maintain oversight to ensure consumers are protected from mis-selling.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. To begin the process, they must contact the firm that sold the product or service and file a formal complaint, with 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). This is an independent body that resolves disputes between consumers and financial services providers. The FOS will review the case and make a decision, which is legally 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). This is a statutory compensation fund that provides compensation to consumers when authorized financial services firms fail or are unable to meet claims. It's important to act promptly when seeking compensation for mis-selling, as there may be time limits for submitting claims. Additionally, independent financial or legal advice may be necessary for complex or high-value claims. Note that the specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.