Address
Source House
10 Middle Street
Taunton
Somerset
TA1 1SH
T A 1 1 S H
UNITED KINGDOM
Source Financial Ltd
Current Status: No longer authorised
Reference Number: 223134
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfRGUAA3
A firm with the status "No longer authorised" may have had its authorisation revoked for a variety of reasons. These could include 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 consult the FCA register or contact the FCA directly to find out the details of why a certain firm's authorisation has been revoked.
This may include establishing internal systems and controls, providing adequate training and support to staff, implementing and monitoring client protection measures, and keeping up to date with the latest regulatory requirements. Additionally, firms should ensure that all employees are aware of their responsibilities and are held accountable for any violations of applicable rules and regulations.
The UK financial services sector has been plagued by mis-selling in the past, with numerous high-profile examples involving products such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. In response, the Financial Conduct Authority (FCA) has taken steps to address these issues, including enforcement, compensation schemes, and new regulations. Despite these efforts, mis-selling continues to be a problem, requiring vigilance from both the regulator and the industry to ensure that consumers are treated fairly.
If you suspect you've been mis-sold a financial product or service in the UK, it's important to take action as soon as possible. If you have been mis-sold a financial product or service in the UK, you may be eligible to claim compensation. The process typically involves the following steps: 1. Contact the firm: Reach out to the firm that sold the product or service, and file a formal complaint with all the relevant details and evidence of mis-selling. The firm must investigate and respond to the complaint within eight weeks. 2. Financial Ombudsman Service (FOS): If the firm rejects the complaint or the response is unsatisfactory, you can escalate the issue to the Financial Ombudsman Service. The FOS is an independent body that resolves disputes between consumers and financial services providers. After reviewing both sides of the argument, they will make a decision that is legally binding for the firm. Their services are free for consumers. 3. Financial Services Compensation Scheme (FSCS): If the firm is no longer in business or has been declared in default, you can file a claim with the Financial Services Compensation Scheme. This statutory compensation fund provides compensation to consumers when authorized financial services firms fail or cannot meet their claims. The amount of compensation that can be paid, however, is limited and depends on the type of financial product or service involved. Keep in mind that the eligibility criteria, processes, and time limits for submitting claims may vary depending on the financial product or service, so it is important to act promptly. It is also advisable to seek independent financial or legal advice, especially if the claim is complex or involves a large sum.