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Smith, Whiteley & Company

Current Status: Revoked

Reference Number: 121348

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfF7SAAV


Smith Whiteley House
12 Main Street
West Yorkshire
LS25 1EZ
L S 2 5 1 E Z


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A firm with a status of "No longer authorised" may have had its authorisation revoked for various reasons. This could include voluntary cancellation due to changes in the firm's business model, failure to meet regulatory requirements, non-compliance with FCA rules and regulations, enforcement action taken by the FCA, failure to pay required fees, or inactivity for a certain period. It is important to check the FCA register or contact the FCA directly for more information about why a particular firm's authorisation has been revoked.

Reasons for non-compliance can 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 they are providing adequate training, have proper reporting procedures in place, and have adequate systems and controls to identify and manage potential conflicts of interest. Additionally, they should ensure they are complying with relevant data protection regulations and have sufficient liquid capital to support their operations and manage risks.

The UK financial services industry has had its fair share of high-profile cases of financial mis-selling in the past, with examples including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. In response to these issues, the Financial Conduct Authority (FCA) has implemented enforcement actions, compensation schemes and new regulations to improve disclosure and transparency. Despite these efforts, the risk of mis-selling remains an ongoing concern. To address this, it is essential that the FCA and industry stakeholders continue to be vigilent in order to protect consumers from mis-selling and ensure fair treatment in the financial services sector.

Consumers who have been mis-sold a financial product or service in the UK may be able to claim compensation by following these steps: contact the firm that sold the product or service to file a formal complaint; if the complaint is rejected or unsatisfactory, escalate the issue to the Financial Ombudsman Service for a decision; and if the firm responsible for the mis-selling is no longer in business, file a claim with the Financial Services Compensation Scheme. It is important to act quickly, as there may be time limits for submitting claims. Additionally, independent financial or legal advice should be sought if the claim is complex or involves a large sum of money.

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