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Portal Financial Services LLP

Current Status: In Liquidation

Reference Number: 501272

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000NMPQUAA5


Firms are required to confirm at least annually that these details are correct.

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A firm with the status "No longer authorised" may have had its authorisation removed due to 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. It is important to consult the FCA register or contact the FCA directly for more details on a particular firm's authorisation status and the reasons for any changes.

Such measures may include developing robust internal systems and controls, providing adequate training for staff, complying with disclosure requirements, managing conflicts of interest, adhering to conduct rules, implementing client protection measures, preventing financial crime, protecting data, and meeting capital and liquidity requirements.

The UK financial services industry has seen a number of high-profile cases of financial mis-selling in the past, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. These cases have resulted in billions of pounds of compensation being paid out to affected consumers, and demonstrate the need for robust regulatory frameworks and ongoing oversight by the Financial Conduct Authority (FCA). The FCA has taken significant steps to address mis-selling issues, including enforcement actions, compensation schemes, and the introduction of new regulations to ensure transparency and disclosure. However, there is still a risk of mis-selling in the UK, and vigilance from both regulators and the industry is required to protect consumers from such practices.

Consumers who believe they have been mis-sold a financial product or service in the UK may be eligible to claim compensation. The process typically involves contacting the firm responsible for the mis-selling, followed by escalation to the Financial Ombudsman Service (FOS) if necessary. In cases where the firm is no longer in business or has been declared in default, claims can be filed with the Financial Services Compensation Scheme (FSCS). It is important to act promptly, as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice. Note that while these are the general steps, specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.

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