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Oracle Consultants Ltd

Current Status: In Liquidation

Reference Number: 618258

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000R6r7pAAB


This firm has requirements or restrictions placed on the financial services activities that it can operate. Requirements or restrictions can include suspensions.

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A firm with the status "No longer authorised" may have had its authorisation removed for any number 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. It is important to check the FCA register or contact the FCA directly for more information about a specific firm's authorisation status and the reasons for any changes.

Such measures may include providing appropriate staff training, implementing adequate internal systems and controls, conducting regular reviews, and ensuring accurate disclosures and client protections. Furthermore, firms should ensure that they are properly identifying, managing, and disclosing conflicts of interest, as well as implementing measures to prevent and detect financial crime. Finally, firms must ensure that they are compliant with data protection rules and regulations to protect personal and sensitive information.

The UK Financial Services industry has seen a history of mis-selling, with numerous high-profile cases involving different products and services, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment Mortgages and Pension products. As a result, the Financial Conduct Authority (FCA) has taken decisive action to protect consumers from mis-selling, including enforcement actions, compensation schemes and new regulations to improve transparency. Despite these efforts, it is clear that mis-selling is an ongoing issue that needs to be addressed with continued vigilance from both regulators and the industry.

Consumers who have been mis-sold a financial product or service in the UK may be eligible to claim compensation. To do so, they should first contact the firm that sold the product or service, filing a formal complaint with all relevant details and evidence of mis-selling. The firm is obligated to investigate and respond to the complaint within eight weeks. If they reject the complaint or the consumer is not satisfied with the response, they can then escalate the issue to the Financial Ombudsman Service (FOS) for an independent review. The FOS is a free service for consumers and any decision made is legally binding on the firm. In cases where the firm is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme (FSCS). There are limits to the amount of compensation the FSCS can pay, which vary depending on the type of financial product or service involved. It's essential to act promptly when seeking compensation for mis-selling, as there may be time limits for submitting claims. Consumers should also consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money.

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