Address
Seventh Floor
Heron House
8-10 Christchurch Road
Bournemouth
Dorset
BH1 3NA
B H 1 3 N A
UNITED KINGDOM
Positive Lending Limited
Current Status: No longer authorised
Reference Number: 449316
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfYvRAAV
A firm that is labelled "No longer authorised" by the Financial Conduct Authority (FCA) may have had its authorisation revoked 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. It is important to check the FCA register or contact the FCA directly to find out more details about a particular firm's authorisation status and the reasons behind any changes.
These measures can help firms avoid costly violations and potential reputational damage. Non-compliance with rules and regulations can occur for a variety of reasons, 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. To mitigate the risk of non-compliance, firms must prioritize establishing a robust compliance culture, implementing effective governance structures, and maintaining ongoing monitoring and reporting systems. Doing so can help firms mitigate costly violations and avoid potential reputational damage.
The UK financial services industry has seen numerous cases of mis-selling in the past, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. These cases highlighted the need for a robust regulatory framework and ongoing oversight by the Financial Conduct Authority (FCA) to protect consumers and promote fair treatment. The FCA has taken steps to address mis-selling issues, including enforcement actions, compensation schemes, and introduction of new regulations. However, the risk of mis-selling remains an ongoing concern, and requires vigilance from both regulators and the industry to ensure that consumers are not subject to unfair practices.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. Typically, the process involves contacting the firm that sold the product or service and filing a formal complaint, providing all relevant details and evidence of mis-selling. If the firm rejects the complaint or the consumer is not satisfied with the response, they can escalate the issue to the Financial Ombudsman Service, an independent body which resolves disputes between consumers and financial services providers. Further, 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. It's important to act promptly when seeking compensation as there may be time limits for submitting claims, and it's also a good idea to seek independent financial or legal advice. Note that specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.