Address
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.
Welcome Financial Services Limited
Current Status: No longer authorised
Reference Number: 305742
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfUKfAAN
A firm with the status "No longer authorised" may have had its authorisation revoked by the Financial Conduct Authority (FCA) for any of the following reasons: voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. To obtain more information about a firm's authorisation status and the reasons for any changes, it is necessary to check the FCA register or contact the FCA directly.
These measures can help to ensure that firms comply with relevant laws, remain transparent in their dealings, and protect the interests of their clients.
The UK financial services industry has seen a number of high-profile cases of mis-selling in the past, including Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. Banks have paid out billions of pounds in compensation to affected consumers and businesses. The Financial Conduct Authority (FCA) has taken steps to address mis-selling issues, such as enforcement actions, compensation schemes, and improved disclosure and transparency regulations. However, the risk of mis-selling remains an ongoing concern and requires vigilance from regulators and the industry.
Consumers who have been mis-sold financial products or services in the UK may be eligible to claim compensation. This usually involves taking the following steps: 1. Contacting the firm that sold the product or service and filing 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. Escalating the issue to the Financial Ombudsman Service (FOS) if the firm rejects the complaint or the consumer is not satisfied with the response. The FOS is an independent body that resolves disputes between consumers and financial services providers. Their service is free for consumers, and their decisions are legally binding on the firm. 3. Filing a claim with the Financial Services Compensation Scheme (FSCS) if the firm responsible for the mis-selling is no longer in business or has been declared in default. 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 is essential to act promptly, as there may be time limits for submitting claims. Independent financial or legal advice should also be sought, especially if the claim is complex or involves a large sum of money. Note that the specific processes and eligibility criteria may vary depending on the financial product, service, or circumstances involved.