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Trafalgar Finance

Current Status: Revoked

Reference Number: 302517

Website: Not Listed

Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfRK2AAN


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, including voluntary cancellation due to changes in the firm's business model, failing to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. To obtain more information, 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. To ensure compliance, firms should implement effective internal policies and procedures, provide staff with appropriate training, and establish proper mechanisms to identify, manage, and disclose conflicts of interest. Furthermore, firms should ensure that they have adequate controls in place to prevent, detect, and report financial crime and data protection breaches.

The UK financial services industry has been plagued by mis-selling in the past, 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. These cases have resulted in billions of pounds of compensation paid to affected consumers and businesses. In response, the Financial Conduct Authority (FCA) has implemented a range of measures, such as enforcement actions, compensation schemes, and new regulations to improve disclosure and transparency. However, the risk of mis-selling continues to exist, and the FCA and the industry must remain vigilant in order to protect consumers and promote fair treatment across the sector.

Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation by following these steps: 1. Contact the firm: The first step is to contact the firm that sold the financial product or service and file a formal complaint, 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. There are limits to the amount of compensation the FSCS can pay, which vary depending on the type of financial product or service involved. It's essential to act promptly when seeking compensation for mis-selling, and to consider seeking independent financial or legal advice, especially if the claim is complex or involves a large sum of money. However, keep in mind that while these general steps apply to most cases of financial mis-selling in the UK, specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.

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