Address
Empress House
129-155 Empress Road
Southampton
Hampshire
SO14 0JW
S O 1 4 0 J W
UNITED KINGDOM
Secured Loan Services Limited
Current Status: No longer authorised
Reference Number: 314929
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfTC7AAN
A firm whose authorisation has been revoked by the Financial Conduct Authority (FCA) may have had its status changed for a variety of reasons.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; failure to meet regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with FCA rules and regulations; enforcement action for breaches of regulatory requirements or misconduct; failure to pay required FCA fees; or inactivity over a certain period. In order to determine the specific reasons for a firm's change in status, it is essential to check the FCA register or contact the FCA directly.
This can ensure that firms meet their regulatory obligations and protect their reputation and financial stability. Non-compliance with rules and regulations can have various causes, including inadequate systems and controls, ineffective corporate governance, insufficient staff training, false or misleading disclosures, conflicts of interest, breaches of conduct rules, inadequate client protections, financial crime, data protection breaches, and inadequate capital or liquidity. To prevent non-compliance, firms must establish a strong compliance culture, implement effective governance structures, and create ongoing monitoring and reporting systems. By doing so, firms can ensure they are meeting their regulatory obligations and protecting their reputation and financial stability.
The UK financial services industry has seen numerous cases of financial mis-selling in the past, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. These cases have cost consumers and businesses billions of pounds in compensation and have highlighted the need for strong regulatory frameworks and oversight from the Financial Conduct Authority (FCA). The FCA has taken several steps to address mis-selling, such as enforcement actions, compensation schemes, and new regulations to promote disclosure and transparency. Despite these measures, mis-selling is still a significant issue and requires ongoing vigilance from both regulators and the industry to ensure fair treatment for consumers.
If you believe you have been mis-sold a financial product or service, it is important to act quickly and follow the appropriate steps to ensure you get the compensation you are entitled to. If you have been mis-sold a financial product or service in the UK, you may be eligible to receive compensation. To start the process, you should contact the firm that sold you the product or service and file a formal complaint with all relevant details and evidence of mis-selling. The firm must respond within eight weeks. If they reject your complaint or you are not satisfied with their response, you can then escalate the issue to the Financial Ombudsman Service (FOS) for resolution. The FOS will review the case, consider both sides of the argument, and make a decision that is legally binding on the firm. If the firm responsible for the mis-selling is not in business or has been declared in default, then you can file a claim with the Financial Services Compensation Scheme (FSCS). It is important to act quickly and seek independent financial or legal advice if necessary, as there may be time limits for submitting claims.