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Pengwern Wealth Management LLP

Current Status: No longer authorised

Reference Number: 502840

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MgGp9AAF


11 Sweetlake Business Village
Longden Road
S Y 3 9 E W


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A firm that is no longer authorised by the Financial Conduct Authority (FCA) may have had its authorisation revoked for a number of reasons. These could include voluntary cancellation, failure to meet regulatory requirements, non-compliance with FCA rules and regulations, enforcement action, failure to pay fees, or inactivity. To find out more information about a particular firm's authorisation status and the reasons for any changes, it is necessary to check the FCA register or contact the FCA directly.

Various factors may contribute to a breach of regulations, 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. By taking proactive steps to address these issues, firms can prevent non-compliance and ensure they are meeting all applicable regulatory requirements.

The UK financial services industry has been plagued by cases of financial mis-selling, including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment Mortgages, and Pension Mis-selling. The resulting compensation paid to affected consumers and businesses has reached billions of pounds. In response, the Financial Conduct Authority (FCA) has taken action to combat mis-selling, including enforcement actions, compensation schemes, and the introduction of new regulations. Despite these efforts, mis-selling remains a persistent issue in the sector, requiring ongoing vigilance from both regulators and industry players.

Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation. The process for seeking this typically involves contacting the firm that sold the product or service, filing a complaint with them, and then escalating the complaint to the Financial Ombudsman Service if the response is unsatisfactory or the firm is no longer in business. Alternatively, if the firm has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. It is important to act quickly when seeking compensation, and to consider getting professional financial or legal advice if the claim is complex. Different rules may apply in specific cases, so it's best to check the eligibility criteria and processes for the particular product or service in question.

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