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.
Westwood
Current Status: No longer authorised
Reference Number: 179905
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfHPgAAN
A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons. These 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 due to misconduct or breaches of regulatory requirements; failure to pay the required FCA fees; and inactivity. To find out more about a specific firm's authorisation status, it's important to check the FCA register or contact the FCA directly.
Various factors can lead to non-compliance, such as inadequate systems and controls, poor governance, insufficient staff training, misleading disclosures, conflicts of interest, breaches of conduct rules, inadequate client protections, financial crime, data protection breaches, and inadequate capital or liquidity. To mitigate these risks, firms must ensure they have adequate systems and processes in place to ensure compliance with applicable rules and regulations.
The Financial Conduct Authority (FCA) has taken steps to address the issue of financial mis-selling in the UK, with enforcement actions, compensation schemes, and new regulations to improve disclosure and transparency. Examples of financial mis-selling in the past include Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), endowment mortgages, and pension products. These cases have resulted in billions of pounds in compensation being paid out to affected consumers and businesses. Despite the FCA's efforts, the risk of mis-selling in the UK financial services industry remains a concern, and ongoing vigilance is necessary to protect consumers and promote fair treatment. Financial institutions must be held accountable to ensure that their practices comply with the FCA's regulations, and the regulator must continue to monitor the market for any signs of mis-selling.
To seek compensation for mis-selling, consumers must first contact the firm that sold them the product or service and file a formal complaint, providing all relevant details and evidence. If the complaint is rejected or the consumer is not satisfied with the response, they can escalate the issue to the Financial Ombudsman Service, an independent body that can resolve disputes between consumers and financial services providers. For cases involving firms that are no longer in business or have been declared in default, consumers can file a claim with the Financial Services Compensation Scheme. It is important to act promptly and seek independent financial or legal advice when seeking compensation for mis-selling.