Address
4.40E+12
Piccadilly Financial Services Ltd
Current Status: No longer authorised
Reference Number: 302329
Website: www.piccadillyfinance.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfR9SAAV
A firm with the status "No longer authorised" may have had its authorisation removed due to 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 about a specific firm's circumstances, it is important to check the FCA register or contact the FCA directly.
Potential causes of 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. Companies should ensure they have the proper measures in place to identify, mitigate, and manage these risks in order to comply with applicable laws and regulations.
The UK financial services industry has been plagued by incidents of financial mis-selling in the past, ranging from Payment Protection Insurance (PPI) to Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. These cases have had severe repercussions, with affected consumers and businesses being compensated with billions of pounds. In response to this issue, the Financial Conduct Authority (FCA) has taken a number of measures to protect consumers from mis-selling, such as enforcement actions, compensation schemes, and the introduction of new regulations. However, the risk of mis-selling still remains, and therefore, continued vigilance from both regulators and the industry is necessary to ensure fairness and transparency in the financial services sector.
If you have been mis-sold a financial product or service in the UK, the process for seeking compensation typically involves the following steps: first, contact the firm that sold the product or service and file a formal complaint with all relevant details and evidence of mis-selling. The firm is obligated to investigate and respond to the complaint, typically within eight weeks. If the firm rejects the complaint or the consumer is not satisfied with the response, they can then take the issue to the Financial Ombudsman Service (FOS) for resolution. The FOS is an independent body that resolves disputes between consumers and financial services providers, and their decisions are legally binding on the firm. In cases where the firm responsible for the mis-selling is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme (FSCS). The FSCS is a statutory compensation fund that provides compensation to consumers when authorized financial services firms fail or are unable to meet claims. It's important to act quickly when seeking compensation as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice for complex cases. The exact processes and eligibility criteria may vary depending on the product, service, or circumstances involved.