Final Notice

On , the Financial Conduct Authority issued a Final Notice to Carma Online Limited



Carma Online Limited

Astwood Bank Business Park

Astwood Bank


B96 6HH




31 March 2021


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

The Authority issued to COL 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 COL’s Part 4A permission.

COL 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 COL’s Part 4A permission.


The definitions below are used in this Final Notice:

“COL” means Carma Online Limited;

“COL’s Part 4A permission” means the permission granted by the Authority to
COL pursuant to Part 4A of 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 COL dated 27 August

“RAG” means Regulated Activity Group as referred to in SUP;

“the RDC” means the Regulatory Decisions Committee of the Authority;

“the Return” means the CCR007 for the period ended 30 September 2019, which
COL was due to submit to the Authority by 11 November 2019;

“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 COL dated 6 August


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

This is because COL has failed to comply with the regulatory requirement to submit
the Returns. COL has not been open and co-operative in all its dealings with the
Authority, in that COL has failed to respond adequately to the Authority's repeated
requests for it to submit the Returns, 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 COL’s suitability, lead the
Authority to conclude that COL 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 COL was granted a Part
4A permission.


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 COL 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 COL 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 Arunn
Thiruchelvam at the Authority (direct line: 020 7066 1241).

Anna Couzens
Enforcement and Market Oversight Division


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