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Silverwind Securities Limited

Current Status: No longer authorised

Reference Number: 489918

Website: www.silverwindsecurities.com

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000Mfk1oAAB


100 Pall Mall
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A firm with the status "No longer authorised" may have had its authorisation removed by the Financial Conduct Authority (FCA) for 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. 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 can include providing adequate staff training and resources, setting up effective internal controls and procedures, establishing and adhering to robust client protection measures, implementing effective financial crime prevention and detection processes, and ensuring compliance with data protection rules. Additionally, firms should ensure they maintain adequate capital and liquidity to support their operations. By taking the necessary steps to ensure compliance, firms can minimize the risk of non-compliance and protect their reputation.

The UK financial services industry has been plagued by cases of financial mis-selling in the past, such as the Payment Protection Insurance (PPI) scandal, Interest Rate Hedging Products (IRHP) mis-selling, endowment mortgages, and pension mis-selling. These events have highlighted the need for effective regulatory frameworks and ongoing oversight from the Financial Conduct Authority (FCA) to protect consumers and ensure fair treatment in the industry. The FCA has taken steps to address mis-selling, including the implementation of new regulations, enforcement actions, and compensation schemes. However, the risk of mis-selling remains, and vigilance is required from both regulators and the industry to detect and address any issues.

For this reason, UK consumers who believe they have been mis-sold a financial product or service should contact the firm responsible for the mis-selling as soon as possible and seek independent advice. If you have been mis-sold a financial product or service in the UK, the process for seeking compensation typically involves the following steps: first, contact the firm that sold the product or service and 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. 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. It's important to act promptly, as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice. Remember that eligibility criteria and specific processes may vary depending on the financial product, service, or circumstances involved.

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