Address
1884 Pershore Road
Cotteridge
Birmingham
West Midlands
B30 3AS
B 3 0 3 A S
UNITED KINGDOM
South East Birmingham Community Credit Union Limited
Current Status: No longer authorised
Reference Number: 213256
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfM5UAAV
A firm with the status of "No longer authorised" may have had its authorisation removed for a variety of reasons, including 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 particular firm's authorisation status and the causes for any changes, it is necessary to consult the FCA register or contact the FCA directly.
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. Firms must be diligent in implementing processes to ensure compliance and remain vigilant in monitoring their activities to avoid violations.
The Financial Conduct Authority (FCA) has implemented various measures to address the problem of financial mis-selling in the UK. This includes enforcement actions, compensation schemes, and the introduction of new regulations to make disclosure and transparency more effective. Examples of mis-selling scandalous include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. The total amount of compensation paid out for such cases has exceeded £38 billion. Despite these efforts, mis-selling continues to be a concern in the UK financial services industry. It is therefore essential that regulators and industry participants remain vigilant and ensure that consumers are adequately protected from mis-selling.
Consumers who have been mis-sold a financial product or service in the UK may be eligible to claim compensation by following these steps: 1. Contact the firm: File a formal complaint with the firm that sold the product or service, providing all relevant details and evidence of mis-selling. The firm is obligated to investigate and respond to the complaint, typically within eight weeks. 2. Financial Ombudsman Service (FOS): 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. The FOS is an independent body that resolves disputes between consumers and financial services providers. They will review the case, consider both sides of the argument, and make a decision. Their service is free for consumers, and their decisions are legally binding on the firm. 3. Financial Services Compensation Scheme (FSCS): In cases where the firm responsible for the mis-selling is no longer in business or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. 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 essential to act promptly when seeking compensation for financial mis-selling in the UK, as there may be time limits for submitting claims. Consumers should also consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money. Note that specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.