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South Wales Financial Services Ltd

Current Status: Revoked

Reference Number: 484348

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000Mg7QsAAJ


This firm has been subject to disciplinary or regulatory action. That action may be historic or it may currently affect the regulated activities they are permitted to do. Check the record and contact the FCA if you need further help.

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A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons, such as voluntary cancellation, failing 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.

Reasons for non-compliance can vary, but some common causes 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 take appropriate steps to ensure their practices are compliant with all applicable laws and regulations.

The UK financial services industry has seen a range of high-profile mis-selling cases in recent years, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension mis-selling. Compensation paid to affected consumers has exceeded £38 billion in the case of PPI, while banks have paid out billions of pounds of redress to businesses mis-sold IRHPs. In order to protect consumers from such practices in the future, the Financial Conduct Authority (FCA) has implemented a number of regulatory frameworks and enforcement actions, as well as compensation schemes and improved transparency and disclosure requirements. However, the risk of mis-selling persists, and continued vigilance is required from both regulators and the industry to ensure fair treatment for all.

Consumers who have been mis-sold financial products or services in the UK may be eligible to receive compensation. To seek compensation, they should first contact the firm responsible for the mis-selling and file a formal complaint, providing all relevant details and evidence. If the firm rejects the complaint or the consumer is not satisfied with the response, they can then escalate the issue to the Financial Ombudsman Service, an independent body that resolves disputes between consumers and financial services providers. In cases where 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 professional advice 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.

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