FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Mr Proctor.


2.
The Authority issued to Mr Proctor the Decision Notice which notified Mr Proctor
that for the reasons given below and pursuant to section 55J of the Act, the
Authority had decided to cancel Mr Proctor’s Part 4A permission.


3.
Mr Proctor has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was given to him.


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

DEFINITIONS

5.
The definitions below are used in this Final Notice:

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

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued by the Authority to Mr
Proctor dated 21 September 2017;

“the Overdue Balance” means the amount owed by Mr Proctor to the Authority
comprising an invoice dated 11 August 2016 for £145 for regulatory fees and
levies for the period 1 April 2016 to 31 March 2017, which had been due for
payment by 10 September 2016;

“the Principles” means the Authority’s Principles for Businesses;

“Mr Proctor’s Part 4A permission” means the permission granted by the Authority
to Alistair Charles Proctor pursuant to Part 4A of the Act;

“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 by the Authority to Mr
Proctor dated 24 August 2017.


REASONS FOR THE ACTION

6.
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 Mr Proctor is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Proctor is a fit and proper person having regard to all the
circumstances, including whether Mr Proctor managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.


7.
Mr Proctor has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr Proctor has failed to
respond to the Authority’s repeated requests for him to pay the Overdue Balance,
and has thereby failed to comply with Principle 11 of the Principles and to satisfy
the Authority that he is ready, willing and organised to comply with the
requirements and standards under the regulatory system.


8.
These failures, which are significant in the context of Mr Proctor’s suitability, lead
the Authority to conclude that Mr Proctor has failed to manage his business in
such a way as to ensure that his affairs are conducted in a sound and prudent
manner, that he is not a fit and proper person, and that he is therefore failing to
satisfy the Threshold Conditions in relation to the regulated activities for which he
has had a permission.



DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

10.
This Final Notice is given to Mr Proctor under section 55Z and in accordance with
section 390(1) of the Act.

Publicity

11.
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 Mr Proctor or prejudicial to the interest of consumers.


12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Authority contact

13.
For more information concerning this matter generally, please contact Maria Lewis
at the Authority (direct line: 020 7066 0897).

Anna Couzens
Enforcement and Market Oversight Division