Final Notice

On , the Financial Conduct Authority issued a Final Notice to AKV Vehicles Limited


Dated: 25 February 2016


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

The Authority issued to AKV 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 AKV’s permission.

AKV 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 AKV’s permission.


The definitions below are used in this Final Notice:

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

“AKV” means AKV Vehicles Limited;

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

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to AKV dated 13 January

“the Return” means the CCR007 return for the period ended 30 April 2015, which
was due to be submitted to the Authority by 15 June 2015;

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

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


On the basis of the facts and matters and conclusions described in its Warning
Notice issued to AKV dated 16 December 2015 and in the Decision Notice, it
appears to the Authority that AKV is failing to satisfy the Threshold Conditions, in
that the Authority is not satisfied that AKV is a fit and proper person having
regard to all the circumstances, including whether AKV managed its business in
such a way as to ensure that its affairs were conducted in a sound and prudent

This is because AKV has failed to comply with the regulatory requirement to
submit the Return. AKV has not been open and co-operative in all AKV’s dealings
with the Authority, in that it 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 AKV’s suitability, lead the
Authority to conclude that AKV 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 AKV has had a


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 AKV 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 AKV 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 Prea Deans
at the Authority (direct line: 020 7066 2272).

John Kirby
Enforcement and Market Oversight Division


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