Address
64 Front Street
Monkseaton
Whitley Bay
Tyne and Wear
NE25 8DP
N E 2 5 8 D P
UNITED KINGDOM
R. Monckton-Milnes and Partners
Current Status: No longer authorised
Reference Number: 131222
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfFXtAAN
A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons. These may include voluntary cancellation due to a change in the firm's business model, ceasing operations, or merging with another firm; failure to meet regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with rules and regulations; enforcement action for breaches of regulatory requirements or misconduct; failure to pay FCA fees; or inactivity. To find out more about a firm's authorisation status and reasons for any changes, it is important to check the FCA register or contact the FCA directly.
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. To avoid such issues, organizations should ensure that all employees are up to date with laws and regulations and have access to appropriate training and guidance.
The UK financial services industry has seen a number of high-profile cases of financial mis-selling, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages and Pension mis-selling. This has resulted in billions of pounds worth of compensation being paid to affected consumers. In response, the Financial Conduct Authority (FCA) has taken action to tackle mis-selling by enforcing regulations, creating compensation schemes and introducing new guidelines to improve disclosure and transparency. Despite these efforts, mis-selling still remains a concern and it is important for both regulators and the industry to monitor the situation closely.
Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation, and the process typically involves contacting the firm that sold the product or service, appealing to the Financial Ombudsman Service (FOS) if needed, and filing a claim with the Financial Services Compensation Scheme (FSCS) if the firm is no longer in business or has been declared in default. It's important to act quickly and consider seeking independent advice to ensure the best outcome.