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Russell Westgate Securities Limited

Current Status: No longer authorised

Reference Number: 136762

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfGFzAAN


5th Floor
St. Mary Abchurch House
123 Cannon Street
E C 4 N 5 A U


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A firm with the status "No longer authorised" may have had its authorisation removed due to voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. It is important to check the FCA register or contact the FCA directly for more information about a particular firm's authorisation status and any reasons for changes.

Some of the potential causes of non-compliance may 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 that internal systems, controls, and procedures are in place to comply with applicable regulations and that employees receive adequate training and support. Additionally, firms should identify and manage conflicts of interest, conduct regular monitoring and reporting, and implement proper client protection and data protection measures.

In recent years, the UK financial services industry has been plagued by financial mis-selling. Examples include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. In some cases, this has resulted in billions of pounds of compensation being paid to affected customers. The Financial Conduct Authority (FCA) has taken significant steps to address this issue, such as launching enforcement actions, compensation schemes, and introducing new regulations. However, the risk of mis-selling remains an ongoing concern and requires vigilance from both regulators and the industry.

Consumers who have been mis-sold financial products or services in the UK may be able to claim compensation. The process usually involves the following steps: 1. Contact the firm: The first step is to contact the firm that sold the financial product or service, file a formal complaint, and provide all relevant details and evidence of mis-selling. The firm must investigate and respond to the complaint 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 take the issue to the Financial Ombudsman Service. This is an independent body that resolves disputes between consumers and financial services providers. They will review the case and make a decision, and their service is free for consumers. The FOS's 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 is declared in default, consumers can file a claim with the Financial Services Compensation Scheme. This is a statutory compensation fund that provides compensation 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 is important to take action promptly when seeking compensation for mis-selling, as there may be time limits for submitting claims. Consumers should also consider obtaining independent financial or legal advice, especially if the claim is complex or involves a large sum of money. Please note that while these general steps apply to most cases of financial mis-selling in the UK, specific processes and eligibility criteria may differ depending on the financial product, service, or circumstances involved.

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