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.
Pritchard Stockbrokers Limited
Current Status: No longer authorised
Reference Number: 124257
Website: cloned firm
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfF5OAAV
A firm that has been given the status of "No longer authorised" by the Financial Conduct Authority (FCA) may have had its authorisation removed for a variety of reasons. These may include: voluntary cancellation due to changes in the firm's business model, ceasing operations, or merging with another firm; failing to meet regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with FCA rules and regulations, either due to a specific incident or a pattern of misconduct; enforcement action taken by the FCA for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; or, inactivity for a certain period and no longer providing regulated services. It is important to check the FCA register or contact the FCA directly for more information about a specific firm's authorisation status and the reasons for any changes.
Possible causes of non-compliance 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. It is essential for firms to ensure they are compliant with all applicable laws and regulations to protect their customers and their business.
The UK financial services industry has seen numerous cases of financial mis-selling in recent years, including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages and Pension mis-selling. These scandals have cost consumers billions of pounds in redress and compensation. In response, the Financial Conduct Authority (FCA) has taken measures to tackle mis-selling, such as enforcement actions, compensation schemes and improved disclosure and transparency regulations. Despite these efforts, mis-selling still poses a risk to consumers, and it is essential that both the FCA and the industry remain vigilant in preventing it.
If you have been mis-sold a financial product or service in the UK, the process for claiming compensation typically involves contacting the firm responsible and filing a formal complaint. If they reject the complaint or the consumer is not satisfied with the response, they can elevate the issue to the Financial Ombudsman Service, an independent body that will review the case and make a decision. If the firm is no longer in business or has been declared in default, a claim can be filed with the Financial Services Compensation Scheme. It's important to act quickly, as there may be time limits for submitting claims, and to seek independent financial or legal advice if the claim is complex or involves a large sum of money.