Address
37 Manor Road
Sherborne St. John
Basingstoke
Hampshire
RG24 9JN
R G 2 4 9 J N
UNITED KINGDOM
Safe Financial Services
Current Status: No longer authorised
Reference Number: 303342
Website: www.safefinancialservices.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfS7DAAV
A firm that is no longer authorised by the Financial Conduct Authority (FCA) may have had its authorisation removed for a variety of reasons. These could include voluntary cancellation due to changes in the firm's business model, ceasing operations, or merging with another firm; failing to meet ongoing regulatory requirements such as capital adequacy, risk management, or governance standards; being non-compliant with FCA rules and regulations; enforcement action taken against the firm for breaches of regulations or misconduct; failure to pay the required FCA fees; or inactivity of the firm. It is important to check the FCA register or contact the FCA directly for more information about a specific firm's authorisation status and the reasons for any changes.
This requires proper training, clear policies and procedures, adequate systems and controls, accurate records, and strong internal oversight. Additionally, firms should identify and manage conflicts of interest, ensure adequate client protections, prevent financial crimes, and comply with data protection rules. Moreover, firms should maintain sufficient capital and liquidity to support their operations and manage risks. By doing so, they can reduce the risk of non-compliance and ensure a safe and secure financial system.
The UK financial services industry has seen an unfortunate prevalence of mis-selling in the past, with several prominent cases concerning various financial products and services - such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages and pension mis-selling. Billions of pounds have been paid out in compensation to affected consumers, small and medium-sized businesses, and borrowers. In response, the Financial Conduct Authority (FCA) has taken robust action to tackle the issue, introducing new regulations to improve transparency and disclosure, as well as enforcement actions and compensation schemes. Despite these efforts, the risk of mis-selling remains and it is essential that both regulators and the industry remain vigilant.
Consumers who have been mis-sold financial products or services in the UK may be eligible for compensation. The process typically involves contacting the firm that sold the product or service to file a complaint, and if necessary, escalating the issue to the Financial Ombudsman Service. If the firm is no longer in business or has been declared in default, a claim can be made with the Financial Services Compensation Scheme. It's important to act quickly as there may be time limits for submitting claims, and to seek independent financial or legal advice if necessary.