Address
Newland House
139 Hagley Road
Birmingham
West Midlands
B16 8UA
B 1 6 8 U A
UNITED KINGDOM
Second Mortgages Ltd
Current Status: No longer authorised
Reference Number: 302012
Website: www.2m-online.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfRRFAA3
A firm with the status "No longer authorised" may have had its authorisation removed due to a variety of reasons, such as voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. To find out more about a specific firm's authorisation status and reasons for any changes, it's important to check the FCA register or contact the FCA directly.
Such measures can help identify and mitigate any potential risks or issues before they lead to non-compliance.
The UK Financial Conduct Authority (FCA) has implemented various measures to tackle the issue of financial mis-selling that has been prominent in the past. Examples of such cases include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages and Pension mis-selling. Many consumers have faced significant losses due to these mis-selling scandals, with banks having to pay out billions of pounds in compensation. The FCA has taken action to address these issues, such as enforcement actions, compensation schemes and regulations designed to improve disclosure and transparency. However, the risk of mis-selling remains an ongoing concern and requires vigilance from both regulators and the industry. It is important that customers are aware of their rights and are able to seek redress if they feel they have been mis-sold a product or service.
For this reason, consumers should seek advice from an expert if they believe they have been mis-sold a financial product or service. If you've been mis-sold a financial product or service in the UK, the process for seeking compensation typically involves the following steps: 1. Contact the firm that sold the product or service and file a formal complaint, providing all relevant details and evidence of mis-selling. 2. If the firm rejects the complaint or the consumer is not satisfied with the response, escalate the issue to the Financial Ombudsman Service (FOS). The FOS is an independent body that resolves disputes between consumers and financial services providers and their decisions are legally binding on the firm. 3. If the firm responsible for the mis-selling is no longer in business or has been declared in default, file a claim with the Financial Services Compensation Scheme (FSCS). The FSCS is a statutory compensation fund that provides compensation to consumers when authorized financial services firms fail or are unable to meet claims. It's important to act promptly and consider seeking independent financial or legal advice when seeking compensation for mis-selling, as there may be time limits and specific eligibility criteria to consider.