Final Notice

On , the Financial Conduct Authority issued a Final Notice to Affordable Cars of Essex Ltd


FRN: 810401

Dated: 30 September 2020


For the reasons set out in this Final Notice, the Authority hereby takes the following
action against ACEL.

The Authority issued ACEL the Decision Notice which notified it that for the reasons
given below and pursuant to section 55J of the Act, the Authority had decided to
cancel ACEL’s Part 4A permission.

ACEL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was issued to it.

Accordingly, the Authority has today cancelled ACEL’s Part 4A permission.


The definitions below are used in this Final Notice:

“the Act” means the Financial Services and Markets Act 2000;

“ACEL” means Affordable Cars of Essex Ltd;

“ACEL’s Part 4A permission” means the permission granted by the Authority to
ACEL pursuant to Part 4A of the Act;

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued ACEL dated 23 July

“the Return” means the CCR003 Consumer credit data (Lenders) and CCR007
Consumer Credit data returns for the period ended 30 April 2019, which ACEL was
due to submit to the Authority by 13 June 2019;

“the suitability Threshold Condition” means the Threshold Condition set out in
paragraph 2E of Schedule 6 to the Act;

“the Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act;

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber); and

“the Warning Notice” means the Warning Notice issued to ACEL dated 23 June


On the basis of the facts and matters and conclusions described in the Warning
Notice and in the Decision Notice, it appears to the Authority that ACEL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
ACEL is a fit and proper person having regard to all the circumstances, including
whether ACEL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.

This is because ACEL has failed to comply with the regulatory requirement to submit
the Return. ACEL has not been open and co-operative in all its dealings with the
Authority, in that ACEL has failed to respond adequately to the Authority's repeated
requests for it to submit the Return, and has thereby failed to comply with Principle
11 of the Authority's Principles for Businesses and to satisfy the Authority that it is
ready, willing and organised to comply with the requirements and standards under
the regulatory system.

These failures, which are significant in the context of ACEL’s suitability, lead the
Authority to conclude that ACEL has failed to manage its business in such a way as
to ensure that its affairs are conducted in a sound and prudent manner, that it is
not a fit and proper person, and that it is therefore failing to satisfy the Threshold
Conditions in relation to the regulated activities for which ACEL was granted a Part
4A permission.


The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.


This Final Notice is given to ACEL in accordance with section 390(1) of the Act.


The Authority must publish such information about the matter to which this Final
Notice relates as the Authority considers appropriate. The information may be

published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to ACEL or prejudicial to the interest of consumers.

The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Authority Contact

For more information concerning this matter generally, please contact Victoria
Oyebanjo at the Authority (direct line: 020 706 64564).

Anna Couzens
Enforcement and Market Oversight Division


Regulator Warnings Logo