Address
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.
Porchester Finance Limited
Current Status: Revoked
Reference Number: 303514
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfSILAA3
A firm with the status of "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 essential 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.
Various 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. Therefore, it's imperative for firms to ensure they have appropriate measures in place to meet all applicable regulatory requirements.
The UK financial services industry has been marred by multiple cases of mis-selling in the past, with Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages and Pension mis-selling being some of the most prominent examples. This has resulted in billions of pounds in compensation being paid out to affected consumers and businesses. In response to this, the Financial Conduct Authority (FCA) has taken measures to tackle mis-selling, such as enforcement actions, compensation schemes, and the introduction of new regulations to promote transparency. However, the risk of mis-selling still persists in the sector and requires constant vigilance from regulators and the industry.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. The process typically involves contacting the firm that sold the product or service, filing a formal complaint, and providing all relevant details and evidence. If the firm rejects the complaint or the consumer is not satisfied with the response, they may escalate the issue to the Financial Ombudsman Service (FOS). The FOS is an independent body that resolves disputes between consumers and financial services providers with free service and legally binding decisions. If the firm responsible for the mis-selling is no longer in business or has been declared in default, the consumer may file a claim with the Financial Services Compensation Scheme (FSCS). It's important to act promptly, as there may be time limits for submitting claims. Additionally, consumers should consider seeking independent financial or legal advice. Note that processes and eligibility criteria may vary depending on the financial product or service involved.