Address
The Coach House
28 Cathedral Road
Cardiff
South Glamorgan
CF11 9LJ
C F 1 1 9 L J
UNITED KINGDOM
Prestige Acceptance
Current Status: No longer authorised
Reference Number: 314549
Website: www.prestigeacceptance.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfTL8AAN
A firm with the status "No longer authorised" may have had its authorisation removed 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 consult the FCA register or contact the FCA for more information about the specific firm's authorisation status and the reason for any changes.
Reasons for 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. To ensure compliance, firms must implement and maintain adequate internal systems, controls, and procedures, provide adequate training and support for their employees, and identify, manage, and disclose conflicts of interest. Furthermore, firms must adhere to client protection measures, implement controls to prevent and detect financial crime, and ensure that they maintain the required capital and liquidity levels to support their operations.
The UK financial services industry has been plagued by mis-selling in the past, with numerous high-profile cases involving a variety of financial products and services. For example, Payment Protection Insurance (PPI) was one of the most notorious mis-selling scandals, resulting in a total of £38 billion in compensation for affected customers. Additionally, Interest Rate Hedging Products (IRHP) were mis-sold to small and medium-sized businesses, while endowment mortgages and pension products were mis-sold to consumers. The Financial Conduct Authority (FCA) has taken significant steps to address mis-selling, such as enforcement actions, compensation schemes, and the introduction of new regulations. However, the risk of mis-selling remains a concern that requires ongoing vigilance from both regulators and the industry.
If you believe you have been mis-sold a financial product or service in the UK, the first step is to contact the firm in question and file a formal complaint. If the firm rejects your complaint or does not respond adequately, you may be eligible to seek compensation via the Financial Ombudsman Service or the Financial Services Compensation Scheme. It's important to act promptly, as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice if the claim is complex or involves a large sum of money.