Address
Unit 9 Parkview Court
St. Pauls Road
Shipley
West Yorkshire
BD18 3DZ
B D 1 8 3 D Z
UNITED KINGDOM
Tong Park Investments Ltd
Current Status: No longer authorised
Reference Number: 229965
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfWjBAAV
A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons. This could include voluntary cancellation due to changes in the firm's business model, ceasing operations, or merging with another firm; failure to meet ongoing regulatory requirements such as capital adequacy, risk management, or governance standards; non-compliance with FCA rules and regulations; enforcement action for breaches of regulatory requirements or misconduct; failure to pay the required FCA fees; or inactivity for a certain period. It is essential 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 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 should develop and follow procedures to ensure compliance with relevant laws and regulations.
The UK financial services industry has had a history of financial mis-selling, with several high-profile cases involving various financial products and services, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment Mortgages, and Pension mis-selling. This has resulted in billions of pounds in compensation being paid out to affected consumers and businesses. In response, the Financial Conduct Authority (FCA) has taken steps to address these issues, through enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. Despite these efforts, the risk of mis-selling in the UK remains an ongoing issue that requires vigilance from both regulators and the industry.
Those seeking compensation for mis-selling should be sure to follow the process outlined by the firm or organization in question. If you have been mis-sold a financial product or service in the UK, the process for seeking compensation typically involves the following steps: contacting the firm responsible for the mis-selling, escalating the issue to the Financial Ombudsman Service if necessary, and filing a claim with the Financial Services Compensation Scheme if the firm is no longer in business or has been declared in default. It's important to act quickly, as there may be time limits for submitting claims, and to consider seeking independent financial or legal advice. However, the exact process and eligibility criteria may vary depending on the product, service, or circumstances involved, so be sure to follow the instructions provided by the firm or organization in question.