FINAL NOTICE

Dated: 17 August 2017

ACTION

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

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

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

4.
Accordingly, the Authority has today cancelled Mr Lee’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 to Mr Lee dated 10 July
2017;

“Mr Lee’s Part 4A permission” means the permission granted by the Authority to
Christopher John Lee pursuant to Part 4A of the Act;

“the Overdue Balance” means the amount owed by Mr Lee to the Authority
totalling £395, comprising: an invoice for an administrative fee of £250 dated 9
August 2016, in respect of late submission of the Return, which was due for
payment by 8 September 2016; and an invoice for £145 dated 25 August 2016 in
respect of periodic fees and levies, which was due for payment by 24 September
2016;



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

“the Return” means the CCR007 (key data) return for the period ended 30 April
2016, which was due to be submitted by 14 June 2016;

“the suitability Threshold Condition” means the threshold condition stated in
Paragraph 2E of Schedule 6 to the Act;

“SUP” means the Authority’s Supervision Manual, part of the Handbook;

“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 Mr Lee dated 19 June

2017.

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

7.
This is because Mr Lee has failed to comply with the regulatory requirements to
submit the Return and pay the Overdue Balance. Mr Lee has not been open and
co-operative in all his dealings with the Authority, in that he has failed to respond
adequately to the Authority's repeated requests for him to submit the Return and
pay the Overdue Balance, and has thereby failed to comply with Principle 11 of
the Authority's Principles for Businesses 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 Lee’s suitability, lead the
Authority to conclude that Mr Lee 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 Mr Lee 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 Lee in accordance with section 390(1) of the Act.

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 Lee 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.

13.
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