Address
146-148 Bury Old Road
Whitefield
Manchester
Lancashire
M45 6AT
M 4 5 6 A T
UNITED KINGDOM
Powsney & Co. Limited
Current Status: No longer authorised
Reference Number: 126219
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfEsNAAV
A firm with the status "No longer authorised" may have had its authorisation revoked for 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 important to check the FCA register or contact the FCA for further information about a firm's authorisation status and the reasons for any changes.
These measures can help ensure that firms are adhering to applicable laws and regulations, protecting their customers, and safeguarding their reputation. Non-compliance with rules and regulations can arise due to a variety of factors, 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 avoid such scenarios, firms must develop a strong compliance culture, implement effective governance structures, and monitor and report on their activities on an ongoing basis. These measures can help ensure that firms are acting within the bounds of the law, providing adequate protection to their customers, and safeguarding their reputation.
The UK financial services industry has seen numerous high-profile cases of mis-selling in the past, with examples such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. The total compensation paid to affected consumers exceeded £38 billion, while businesses have been compensated with billions of pounds in redress. These cases demonstrate the need for robust regulatory frameworks and ongoing oversight by the Financial Conduct Authority (FCA) to protect consumers and promote fair treatment. The FCA has taken measures to address mis-selling, including enforcement actions, compensation schemes, and the introduction of new regulations. However, the risk of mis-selling remains an ongoing concern that requires vigilance from both regulators and the industry.
If you believe you have been mis-sold a financial product or service in the UK, your first step should be to contact the firm responsible and file a formal complaint. If the firm does not respond satisfactorily or rejects the complaint, you can then escalate the issue to the Financial Ombudsman Service. If the firm is no longer in business or has been declared in default, you can file a claim with the Financial Services Compensation Scheme. It is important to act promptly and to seek independent financial or legal advice if necessary.