Address
10-14
Cherry Street
Woking
Surrey
GU21 6EE
G U 2 1 6 E E
UNITED KINGDOM
Why Pay More Finance Limited
Current Status: No longer authorised
Reference Number: 457916
Website: Not Listed
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfsUjAAJ
A firm with the status "No longer authorised" may have had its authorisation removed due to a number of reasons, such as voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, and inactivity. It is important to check the FCA register or contact the FCA directly for more information about a specific firm's authorisation status and why it may have changed.
The potential consequences of non-compliance can be significant, including fines, reputational damage, and legal action. Non-compliance with rules and regulations can occur for a variety of reasons, 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. To avoid such consequences as fines, reputational damage, and legal action, firms must create a strong compliance culture, establish effective corporate governance, and regularly monitor and report on their activities.
The UK financial services industry has been plagued by financial mis-selling in the past, with several high-profile cases involving Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages and Pension mis-selling. These incidents have resulted in billions of pounds in redress for affected consumers and businesses. To tackle this issue, the Financial Conduct Authority (FCA) has implemented various measures such as enforcement actions, compensation schemes and new regulations to enhance disclosure and transparency. However, the risk of mis-selling continues to persist and requires vigilant oversight from both regulators and the industry.
Those seeking compensation should take the time to understand their rights and the available options. If you have been mis-sold a financial product or service in the UK, you may be eligible to claim compensation. The typical process involves 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 seek independent financial or legal advice if the claim is complex or involves a large amount of money. Keep in mind that the exact process and eligibility criteria may differ depending on the product, service, or circumstances involved.