FINAL NOTICE

FRN: 700056

Dated: 21 September 2018


ACTION

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

2.
The Authority issued to BSL 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 BSL’s Part 4A permission.

3.
BSL has not referred the matter to the Tribunal within 28 days of the date on which
the Decision Notice was issued to it.

4.
Accordingly, the Authority has today cancelled BSL’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;


“BSL” means Blackstones Services Ltd;

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



“the Decision Notice” means the Decision Notice issued to BSL dated 12 June
2018;

“the Return” means the CCR-Complaints, CCR001, CCR002 and CCR006 return for
the period ended 31 March 2017, which BSL was due to submit to the Authority by
17 May 2017;

“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 BSL dated 23 May
2018.

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

7.
This is because BSL has failed to comply with the regulatory requirement to submit
the Return. BSL has not been open and co-operative in all its dealings with the
Authority, in that BSL 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.

8.
These failures, which are significant in the context of BSL’s suitability, lead the
Authority to conclude that BSL 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 BSL was granted a Part
4A 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 BSL 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 BSL 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 Yasmin
Moore at the Authority (direct line: 020 7066 5439).

Anna Couzens
Enforcement and Market Oversight Division