Final Notice

On , the Financial Conduct Authority issued a Final Notice to Clarks of Garforth Limited


The Roundabout
3 Selby Road
LS25 1LR

Dated: 30 November 2016


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

The Authority issued to CGL 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 CGL’s permission.

CGL 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 CGL’s permission.


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;

“CGL” means Clarks of Garforth Limited;

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

“the Decision Notice” means the Decision Notice issued to CGL dated 25 October

“the Return” means the CCR007 return for the period ended 31 January 2016,
which CGL was due to submit to the Authority by 11 March 2016;

“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 CGL dated 4 October


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

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

These failures, which are significant in the context of CGL’s suitability, lead the
Authority to conclude that CGL 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 CGL 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 CGL 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 CGL 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 Jade
Flaherty at the Authority (direct line: 020 7066 2072).

John Kirby
Enforcement and Market Oversight Division


Regulator Warnings Logo