Address
12 Rex Buildings
Alderley Road
Wilmslow
Cheshire
SK9 1HY
S K 9 1 H Y
UNITED KINGDOM
The Finance Provider.co.uk
Current Status: No longer authorised
Reference Number: 307401
Website: www.thefinanceprovider.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfVrFAAV
A firm with a status of "No longer authorised" may have had its authorisation revoked for a variety of reasons. These may 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 check the FCA register or contact the FCA directly to obtain more information about a firm's authorisation status and the reasons behind any changes.
Various factors can lead to non-compliance, including 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. By establishing a comprehensive compliance program and adhering to regulatory requirements, firms can ensure their operations and activities remain compliant.
The UK financial services industry has been plagued with numerous cases of financial mis-selling in the past. Examples include the Payment Protection Insurance (PPI) scandal, where millions of consumers were sold unnecessary or unsuitable policies, resulting in a total compensation of over £38 billion; Interest Rate Hedging Products (IRHP) mis-selling to small and medium-sized businesses; the mis-selling of endowment mortgages in the 1980s and 1990s; and pension mis-selling. In response, the Financial Conduct Authority (FCA) has taken measures to address mis-selling issues, such as enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. Despite these efforts, the risk of mis-selling remains an ongoing concern, and requires vigilance from both regulators and the industry.
For those who have been mis-sold financial products or services in the UK, the process of seeking compensation typically involves the following steps: 1. Contact the firm that sold the product or service and file a formal complaint, providing relevant details and evidence of mis-selling. The firm will investigate the complaint and respond within 8 weeks. 2. If the complaint is rejected or the response is unsatisfactory, the consumer can escalate the issue to the Financial Ombudsman Service, an independent body that resolves disputes between consumers and financial services providers. Their service is free, and their decisions are legally binding on the firm. 3. If the firm is no longer in business or has been declared in default, the consumer can file a claim with the Financial Services Compensation Scheme. This is a statutory compensation fund that provides compensation to consumers for authorized financial services firms that fail or are unable to meet claims, however there are limits to the amount of compensation. It's important to act promptly when seeking compensation for mis-selling, as there may be time limits for submitting claims. Consumers should also consider seeking independent financial or legal advice in complex cases or those involving large sums of money. Note that the specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.