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Richard T Cort (Holdings) Limited

Current Status: No longer authorised

Reference Number: 308991

Website: www.richardcort.co.uk

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfNuYAAV


701 Manchester Road
B L 9 9 U S


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A firm that has had its authorisation removed by the Financial Conduct Authority (FCA) may have done so for a variety of reasons. These can include voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action taken by the FCA, failure to pay the necessary fees, or inactivity. To find out more about a specific firm's authorisation status and the reasons for any changes, it is important to consult the FCA register or contact the FCA directly.

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 mitigate these risks, firms should ensure they have adequate systems and controls in place, provide employees with proper training, comply with disclosure and transparency requirements, manage conflicts of interest, adhere to conduct rules, protect clients, follow money laundering and fraud prevention protocols, and maintain the required level of capital and liquidity.

The UK financial services industry has had a history of financial mis-selling, with high-profile cases involving Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension products. As a result, the Financial Conduct Authority (FCA) has taken action by introducing new regulations to improve disclosure and transparency, and by providing compensation schemes to affected consumers. Despite this, the risk of mis-selling remains an ongoing issue, and it is important for both regulators and the industry to remain vigilant in protecting consumers from such practices.

Consumers who have been mis-sold a financial product or service in the UK may be eligible to claim compensation. The process typically involves first contacting the firm that sold the product or service to file a formal complaint, providing all relevant details and evidence of mis-selling. 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 (FOS), 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 (FSCS). It's important to act quickly when seeking compensation, as there may be time limits for submitting claims, and to consider obtaining independent financial or legal advice where needed. Note that the specifics of the process and eligibility criteria may vary depending on the product, service, or circumstances involved.

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