Address
Building 3-3rd Floor
Bucknalls Lane
Garston
Watford
Hertfordshire
WD25 9XX
W D 2 5 9 X X
UNITED KINGDOM
Refinance UK Ltd
Current Status: No longer authorised
Reference Number: 416102
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfOaeAAF
A firm with the status "No longer authorised" may have had its authorisation removed due to a variety of causes. This can include voluntary cancellation by the firm, failure to meet regulatory requirements, non-compliance with FCA rules and regulations, enforcement action from the FCA, failure to pay required FCA fees, or inactivity. It is important to check the FCA register or contact the FCA for more information about a specific firm's authorisation status and reasons for any changes.
Various causes of 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. It is therefore essential for firms to ensure that appropriate measures are in place to identify, mitigate, and manage any potential risks of non-compliance.
The Financial Conduct Authority (FCA) has taken various measures to tackle financial mis-selling in the UK, such as enforcement actions, compensation schemes, and new regulations to improve disclosure and transparency. Despite this, mis-selling has been a long-standing issue in the UK financial services industry, with some high-profile cases involving PPI, IRHP, endowment mortgages, and pension mis-selling. These cases have cost customers billions of pounds in compensation, and demonstrate the need for continued oversight from both regulators and the industry to ensure that consumers are not taken advantage of.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. The process for seeking compensation typically involves the following steps: 1. Contact the firm: The first step is to contact the firm that sold the financial product or service and file a formal complaint, providing all relevant details and evidence of mis-selling. The firm is obligated to investigate and respond to the complaint, typically within eight weeks. 2. Financial Ombudsman Service (FOS): If the firm rejects the complaint or the consumer is not satisfied with the response, they can escalate the issue to the Financial Ombudsman Service. The FOS is an independent body that resolves disputes between consumers and financial services providers. They will review the case, consider both sides of the argument, and make a decision. Their service is free for consumers, and their decisions are legally binding on the firm. 3. Financial Services Compensation Scheme (FSCS): In cases where the firm responsible for the mis-selling is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. The FSCS is a statutory compensation fund that provides compensation to consumers when authorized financial services firms fail or are unable to meet claims. There are limits to the amount of compensation the FSCS can pay, which vary depending on the type of financial product or service involved. It's essential to act promptly when seeking compensation for mis-selling since there may be time limits for submitting claims. Furthermore, consumers should consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money. Note that while these general steps apply to most cases of financial mis-selling in the UK, specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.