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Pave Financial Management Limited

Current Status: Revoked

Reference Number: 435205

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MffWcAAJ


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 of "No longer authorised" may have had its authorisation revoked by the Financial Conduct Authority (FCA) for any of the following reasons: voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. To find out more information about a specific firm's authorisation status and reasons for the cancellation, it is essential to check the FCA register or contact the FCA directly.

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. It is essential for firms to have adequate controls in place to comply with applicable rules and regulations and prevent any potential violations.

The Financial Conduct Authority (FCA) has taken strong action to combat the issue of financial mis-selling in the UK, which has been highlighted by several high-profile cases involving different financial products and services. Examples of mis-selling include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. The FCA has responded to these issues by launching enforcement actions, introducing compensation schemes, and introducing new regulations to improve transparency and disclosure. Despite these efforts, the risk of mis-selling remains a concern in the UK financial services industry, and ongoing vigilance from both regulators and industry stakeholders is essential in order to ensure fair treatment of consumers.

Consumers who have been mis-sold financial products or services in the UK may be eligible to seek compensation. To start the process, they should contact the firm that sold the product or service 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 their response, they can escalate it to the Financial Ombudsman Service (FOS), an independent body that resolves disputes between consumers and financial services providers. The FOS's decision is legally binding on the firm. In cases where the firm is no longer in business or has been declared in default, the consumer can file a claim with the Financial Services Compensation Scheme (FSCS), a statutory compensation fund. It's important to act promptly as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice. The specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.

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