1

NOTICE OF DECISION

ACTION

1.
The Authority has decided to cancel the Firm’s Part 4A permission.

2.
The Authority has taken this action because, based on the facts and matters set out below, it
considers that the Firm is carrying on no regulated activity to which the Firm’s Part 4A
permission relates.

3.
The cancellation takes effect on the date of this Notice of Decision. The effect of the cancellation
is that the Firm no longer has permission to carry on any regulated activities.

DEFINITIONS

4.
The definitions below are used in this Notice of Decision (and in the Annex):

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

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“the Authority” means the Financial Conduct Authority;

“the Firm” means Apex Legal Limited;

“the Firm’s Part 4A permission” means the Part 4A permission granted by the Authority to
ALL;

“EG” means the Enforcement Guide;

“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;

“the Further Notice” means the further notice issued by the Authority to ALL dated 21
November 2023;

“the Handbook” means the Authority’s Handbook of rules and guidance;

“the Notice” means the notice given by the Authority to the Firm dated 10 October 2023;

“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;

“RAG” means regulated activity group as referred to in SUP;

“the Returns” means Complaints Returns, Retail Mediation Activities Returns, REP008
Notification of Disciplinary Action relating to conduct rules staff (other than SMF managers),
REP019 General Insurance – Value Measures Report, REP021c General Insurance Pricing
Information – Core Product by Channel, REP021d General Insurance Pricing Information
Report – Closed Books of Business, REP021e General Insurance Pricing Information -Premium
Finance, Add – ons, Fees and Charges, REP022 General Insurance – Attestation which were
due to be submitted to the Authority by various dates between 31 August 2019 and 28
February 2023;

“SUP” means the Supervision Manual, part of the Handbook; and

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

5.
The Firm was authorised by the Authority on 1 September 2016 and has Part 4A permission
to conduct the following regulated activities:


•
Arranging (bringing about) deals in investments;

•
Assisting in the administration and performance of a contract of insurance;

•
Dealing in investments as agent;

•
Making arrangements with a view to transactions in investments; and

•
Agreeing to carrying on regulated activity.

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6.
The Firm is required to submit the Returns to the Authority by the relevant due date in
accordance with the following rules contained in SUP and DISP– SUP 16.3.11R, SUP 16.3.13R,
SUP 16.12.3R, SUP 16.12.4R, SUP 16.12.28AR, DISP 1.10.1R and DISP 1.10.5R.

However, the Firm has failed to submit the Returns to the Authority. The Authority
therefore considers that the Firm has failed to provide information to the Authority as is
required by the Handbook, namely the information it is required to provide in the Returns.

7.
Furthermore under SUP 16.10.4R, 16.10.4AR and 16.10.4AAR, the Firm is required to submit
the FDA to the Authority by the relevant due date. However, the Firm has failed to submit the
FDA to the Authority.

8.
On 10 October, the Authority gave the Firm the Notice which stated that:

(a)
it appears to the Authority that the Firm is carrying on no regulated activity to which its
Part 4A permission relates; and

(b)
the Authority may take action to cancel the Firm’s Part 4A permission unless it responds
to the Notice in the manner specified in the directions to the Notice.

9.
The Firm failed to respond to the Notice.

10.
As a result of the matters specified above, on 21 November 2023, the Authority gave the Firm
the Further Notice which stated that:

a) the Authority considered that the Firm is carrying on no regulated activity to which its
Part 4A permission relates; and

b) the Authority proposes to cancel the Firm’s Part 4A permission on 18 December 2023

unless the Firm takes the steps specified in the directions to the Further Notice.

11.
The Firm failed to take the steps specified in the Further Notice.

CANCELLATION OF PART 4A PERMISSION

12.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that the Firm is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel the Firm’s Part 4A
permission. The cancellation of the Firm’s Part 4A permission takes effect on the date of this
Notice of Decision.

13.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.

PROCEDURAL MATTERS



14.
This Notice of Decision is given to the Firm under paragraph 3 of Schedule 6A to the Act
(variation or cancellation of Part 4A permission on initiative of FCA: additional power).

The following paragraphs are important.

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Annulment of the Authority’s decision

15.
If the Firm is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice
of Decision, the Firm may make an application for an annulment of the Authority’s decision
under paragraph 4 of Schedule 6A to the Act.

16.
The Firm must submit a completed application for an annulment of the Authority’s decision to
the Authority by 4 January 2025 and in the manner specified by the Authority.

The Tribunal

17.
The Firm does not have a right to refer the decision to give this Notice of Decision to the
Tribunal.

18.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.

19.
For more information concerning this matter generally, the Firm should contact Maciej
Alexander Bajko (direct line: 020 7066 1838)

Angela Curtis
Enforcement and Market Oversight Division

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ANNEX ON CANCELLATION OF PART 4A PERMISSION ON INITIATIVE OF FCA:

ADDITIONAL POWER

RELEVANT STATUTORY PROVISIONS

1.
The Authority’s operational objectives established in section 1B of the Act include protecting
and enhancing the integrity of the UK financial system and securing an appropriate degree of
protection for consumers.

2.
The Authority is authorised by paragraphs 1(1) and (2) of Schedule 6A to the Act to cancel an
Authority-authorised person’s Part 4A permission, if it appears to the Authority that the
Authority-authorised person is carrying on no regulated activity to which the permission
relates.

3.
Paragraph 1(3) of Schedule 6A of the Act provides that the circumstances in which the Authority
may form the view that an Authority-authorised person is carrying on no regulated activity
include (but are not limited to) circumstances where the person fails—

(a)
to provide such information to the Authority as is required by the Handbook.

4.
The Authority must exercise its power to cancel an Authority-authorised person’s Part 4A
permission using its additional own initiative power in accordance with the procedure set out
in paragraph 2 of Schedule 6A to the Act.


RELEVANT HANDBOOK PROVISIONS

5.
In exercising its power to cancel an Authority-authorised person’s Part 4A permission, the
Authority must have regard to the regulatory requirements and guidance published in the
Handbook and in regulatory guides, such as EG. The main considerations relevant to the action
stated in this Further Notice are set out below.

Relevant Rules

13.
SUP 16.3.11R requires that:

“A firm must submit reports required under this chapter to the [Authority] containing all the
information required.”

14.
SUP 16.3.13R(1) requires that:

“A firm must submit a report required by this chapter in the frequency, and so as to be received
by the [Authority] no later than the due date, specified for that report.”

15.
SUP 16.3.13R(4) states that:

“If the due date for submission of a report required by this chapter is a set period of time after
the end of a half-year, a quarter, or a month, the dates will be determined by (a) or (b) below
except where otherwise indicated:

(a) the firm's accounting reference date;

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(b) monthly, 3 monthly or 6 months after the firm's accounting reference date, as the case
may be.”

16.
The Firm falls within RAG 9. A firm’s RAG dictates specific reporting requirements for that firm,
based on regulated activities which the firm has permission to carry on and arise from the rules
contained in SUP, which stipulates the data item or regulatory report, frequency and the date
by which the relevant data item or regulatory report is required to be submitted. The Firm is
also subject to reporting requirements under rules contained in DISP. The reporting
requirements relevant to the Firm are set out in the rules specified in paragraph 6 of this
Further Notice.

17.
SUP 16.10.4R specifies that:

“(1) Within 60 business days of its accounting reference date, a firm must check the
accuracy of its firm details through the relevant section of the [Authority] website.

(3) If any of the details are incorrect, the firm must submit the corrected firm details
to the [Authority] using the appropriate form set out in SUP 15 Ann 3 and in accordance
with SUP 16.10.4AR.”

18.
SUP 16.10.4AR(1) specifies that:

“A firm must submit any corrected firm details under SUP 16.10.4R(3) using the
appropriate online systems accessible through the [Authority’s] website.”

19.
SUP 16.10.4AAR, which applies where, in complying with SUP 16.10.4R(1), a firm does not
need to submit corrected firm details under SUP 16.10.4R(3), specifics that:

“(2) Within 60 business days of its accounting reference date, a firm must submit a
report to the [Authority] confirming that the firm details which it has checked under
SUP 16.10.4R(1) remain accurate, using the appropriate online systems accessible
through the [Authority’s] website.”

Guidance concerning the use of the Authority’s additional power to cancel an authorised
firm’s Part 4A permission on its own initiative

20.
Guidance on the use of the Authority’s power to cancel an Authority-authorised person’s Part
4A permissions on its own initiative under Schedule 6A to the Act is set out in SUP and EG.

21.
EG 8.5.2A states that the Authority may cancel the Part 4A permission of a firm that is an
Authority-authorised person, under Schedule 6A of the Act, if:

(1) it appears to the Authority that the firm is carrying on no regulated activity to which
the permission relates; and

(2) the firm has failed to respond as directed by the Authority to notices served by the
Authority to the firm under paragraph 2 of Schedule 6A.

22.
EG 8.5.2A also states that Schedule 6A specifies that the Authority may form the view that a
firm is carrying on no such regulated activity on the basis of its failure to pay a periodic fee or
levy or provide information to the Authority, in each case as required by the Handbook.

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23.
SUP sets out further guidance on the Authority’s power under Schedule 6A of the Act. In
particular, SUP 7.2.2AG(1) states that the Authority may decide to vary or cancel an Authority-
authorised person’s Part 4A permission using its powers under Schedule 6A of the Act:

(1) if that person appears to the Authority not to be carrying on any regulated activity to
which the permission relates, including, without restriction, if the person has failed to:

(a)
provide the Authority with information required under the Handbook; and

(2) if that person, when served by the Authority with two notices under paragraph 2 of
Schedule 6A of the Act, has not:

(a)
responded in the manner directed, in those notices or otherwise, by the
Authority; nor

(b)
taken other steps as may also be directed by the Authority;

the second of which notices will specify the effective date of the proposed cancellation.

24.
SUP 7.2.2CG states that, apart from the circumstances described in SUP 7.2.2AG(1), the
Authority may also form the view, under Schedule 6A of the Act, that a firm is no longer
conducting any regulated activity to which it permission relates in light of, without restriction:

(1) one or more reports, provided to the Authority by the firm, under SUP 16 or
otherwise, indicating that it is no longer doing so;

(2) the firm’s failure, on two or more occasions, to respond substantively to Authority
correspondence, requesting a response, sent to:

(a) the address of the firm’s principal place of business in the United Kingdom, as
notified to the Authority in accordance with SUP 15.5.4R(1); or

(b) one or more other postal or electronic addresses previously provided to the
Authority by the firm, or otherwise used by the firm, for the purpose of
correspondence with the Authority and not known by the Authority to have been
superseded in that regard; or

(3) correspondence from the Authority, sent to such an address, being returned or
otherwise notified to the Authority as undelivered.

25.
SUP 7.2.2DG states that:

(1) the Authority’s additional own-initiative variation power under Schedule 6A to the Act
(which includes the power to cancel the Part 4A permission of an Authority-authorised
firm under Schedule 6A of the Act and references to “additional own-initiative
variation power in the remainder of this Further Notice should be read as such) has,
unlike the Authority’s own-initiative variation power under section 55J of the Act, a
single basis: that it appears to the Authority that the relevant Authority-authorised
person is not carrying on any regulated activity to which its Part 4A permission
relates.

(2) if the Authority uses its additional own-initiative variation power, it is therefore more
likely to cancel the relevant firm’s Part 4A permission, rather than merely varying it

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by removing or amending the description of one or more such activities or by
imposing one or more limitations.

(3) the Authority will, however, consider all relevant facts and circumstances, including,
without restriction:

(a) the relevant firm’s responses, if any, to the notices given by the Authority under
paragraph 2 of Schedule 6A; and

(b) if applicable, the factors described in SUP 6.4.22G, including whether there are
any matters relating to the firm requiring investigation,

before deciding whether to use its additional own-initiative variation power and whether to use
it to cancel or vary.

26.
SUP 7.2.7G(1) states that a firm has no right of referral to the Tribunal in respect of the
Authority exercising its additional own-initiative variation power, under Schedule 6A to the Act,
on the Authority-authorised firm’s Part 4A permission.