Address
1 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
D Y 5 1 X E
UNITED KINGDOM
Proact Financial Ltd
Current Status: No longer authorised
Reference Number: 230675
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfXOoAAN
A firm that has had its authorisation revoked by the Financial Conduct Authority (FCA) may be due to a variety of reasons, such as voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement actions, failure to pay fees, and inactivity. It is essential to check the FCA register or contact the FCA directly to find out more information about the 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. Companies must ensure that they have appropriate processes in place to identify, mitigate, and report any non-compliant activities.
The Financial Conduct Authority (FCA) has taken proactive steps to combat financial mis-selling in the UK, issuing enforcement actions and creating compensation schemes. Examples of mis-selling include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. The total compensation paid to affected consumers has exceeded £38 billion and banks have paid billions of pounds in redress to businesses. Despite these efforts, mis-selling remains a prominent issue in the financial services industry, and it is essential that regulators and the industry remain vigilant to ensure consumers are not taken advantage of. The FCA continues to introduce new regulations to improve disclosure and transparency and ensure fair treatment of customers.
Consumers seeking compensation for mis-selling should contact the firm responsible for the mis-selling first to file a formal complaint, providing all relevant details and evidence. If the firm rejects the complaint or the consumer is not satisfied with the response, they can then escalate the issue to the Financial Ombudsman Service, an independent body that resolves disputes between consumers and financial services providers. If the firm 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 quickly, as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice if necessary.