Final Notice

On , the Financial Conduct Authority issued a Final Notice to Atlas Bridge Finance Limited



The Old Court


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

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

ABFL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to ABFL.

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


The definitions below are used in this Final Notice:

“ABFL” means Atlas Bridge Finance Limited;

“ABFL’s Part 4A permission” means the permission granted by the Authority to

ABFL under the Act;

“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 to ABFL dated 14 October

“the Overdue Balance” means the amount owed by ABFL to the Authority totalling
£944.17, comprising: an invoice dated 25 September 2015 in respect of periodic
fees and levies for £694.17, which was due for payment by 25 October 2015; and
an invoice dated 10 December 2015 in respect of an administrative fee for £250
for late submission of consumer credit returns for the period ended 31 August

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

“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 ABFL dated 21
September 2016.


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

ABFL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that ABFL has failed to respond
to the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles 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 ABFL’s suitability, lead the
Authority to conclude that ABFL 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 it 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 ABFL under section 55Z and 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 ABFL 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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