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Pallister Credit Union Limited

Current Status: Revoked

Reference Number: 213731

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfLxKAAV


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.

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

Reasons for 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. It is essential for firms to identify and address these issues in order to ensure compliance with applicable rules and regulations.

The UK financial services industry has seen a number of cases of financial mis-selling in the past, with some of the most prominent examples being Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. These cases have resulted in billions of pounds in redress payments to affected consumers and businesses. In order to protect consumers from mis-selling and promote fair treatment in the financial services sector, the Financial Conduct Authority (FCA) has implemented various regulatory frameworks and taken action against mis-selling. This has included enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. Despite these efforts, the risk of mis-selling remains an ongoing concern, and regulators and the industry must remain vigilant to ensure it is effectively addressed.

If you have been mis-sold a financial product or service, you may be entitled to compensation. The process typically involves contacting the firm who sold the product or service, escalating the issue to the Financial Ombudsman Service if necessary, and, if the firm is no longer in business or has been declared in default, filing a claim with the Financial Services Compensation Scheme. Be sure to act promptly and consider seeking independent financial or legal advice.

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