Address
3 Mellor Road
Cheadle Hulme
Cheshire
SK8 5AT
S K 8 5 A T
UNITED KINGDOM
Philip M. Derbyshire & Company Limited
Current Status: No longer authorised
Reference Number: 121698
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfFDzAAN
A firm with the status "No longer authorised" may have had its authorisation removed 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 get more information about a specific firm's authorisation status and reasons for any changes, it is important to check the FCA register or contact the FCA directly.
The potential consequences of non-compliance can include fines, sanctions, reputational damage, and other negative impacts. Therefore, it's essential that firms take the necessary steps to ensure they are in compliance with all applicable laws and regulations.
In the past, mis-selling has been a major issue in the UK's financial services sector, with a number of high-profile cases involving different financial products and services. These include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension mis-selling. In total, over £38 billion has been paid out in compensation to those affected by PPI mis-selling alone. The Financial Conduct Authority (FCA) is taking steps to address this problem, such as launching enforcement actions and compensation schemes, and introducing new regulations to ensure greater transparency and disclosure. Nonetheless, the risk of mis-selling persists, and it is important for both regulators and the industry to remain vigilant in order to protect consumers from this practice.
Consumers who have been mis-sold a financial product or service in the UK may be entitled to claim compensation. The process of seeking compensation typically involves contacting the firm that sold the product or service, filing a formal complaint, and providing evidence of mis-selling. If the firm rejects the complaint or the consumer is not satisfied with the response, they can take the issue to the Financial Ombudsman Service. If the firm responsible for the mis-selling is no longer in business or has been declared in default, a claim can be filed with the Financial Services Compensation Scheme. It's important to act quickly, as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice. The exact process and eligibility criteria may vary depending on the financial product, service, or circumstances involved.