FINAL NOTICE

1.
ACTION

1.1.
For the reasons given in this notice, the Authority hereby:

(1)
imposes on Mr Rosier a financial penalty of £10,000 for breaches of the

Authority’s Statements of Principle and Code of Conduct for Approved

Persons (the “Statements of Principle”) 2 and 7 pursuant to section 66 of

the Financial Services and Markets Act 2000 (“the Act”);

(2)
withdraws, pursuant to section 63 of the Act, the approvals granted to Mr

Rosier to perform significant influence functions at Bayliss & Company

(Financial Services) Limited (“Bayliss”); and

(3)
makes an order, pursuant to section 56 of the Act, prohibiting Mr Rosier

from performing any significant influence function in relation to any

regulated activity carried on by any authorised person, exempt person, or

exempt professional firm. This order takes effect from 5 October 2017.

2.
SUMMARY OF REASONS

2.1.
Mr Rosier was the sole director and only approved person at Bayliss & Co

(Financial Services) Limited (“Bayliss”).

2.2.
The Authority gave Mr Rosier a Decision Notice on 23 May 2013 which notified

him that the Authority had decided to impose a financial penalty on him of

£10,000, make a order prohibiting him from performing significant influence

functions, and withdraw the significant influence approvals granted to Mr Rosier

at Bayliss in light of findings that he failed to comply with Statements of Principle

2 and 7 between 7 August 2004 and 25 September 2012.

2.3.
On 21 June 2013, Mr Rosier referred this Decision Notice to the Upper Tribunal

(Tax and Chancery Chamber) (“the Tribunal”). The written decision of the

Tribunal was released on 21 May 2015 and can be found on the Tribunal’s website

2.4.
The Tribunal determined that Mr Rosier failed to act with due skill, care and

diligence in breach of Statement of Principle 2 and failed to take reasonable steps

to ensure that Bayliss complied with the relevant requirements and standards of

the regulatory regime in breach of Statement of Principle 7. The Tribunal directed

the Authority to impose on Mr Rosier a financial penalty of £10,000 pursuant to

section 66 of the Act. The Tribunal also dismissed Mr Rosier’s reference in respect

of the Authority’s decision to make the order prohibiting him from performing

significant influence functions, and the withdrawal of his approval to carry out

significant influence functions at Bayliss.

2.5.
Mr Rosier applied for permission from the Court of Appeal to appeal against the

decision of the Tribunal. By an order dated 27 January 2016, the Court of Appeal

denied that permission having considered Mr Rosier’s written submissions. Mr

Rosier then applied for an oral hearing of that application. On 14 March 2017,

the Court of Appeal refused Mr Rosier’s application for permission to appeal.

2.6.
In light of the above, the Authority has issued this Final Notice.

3.
PROCEDURAL MATTERS

Statutory requirement for this notice

3.1.
This Final Notice is given under, and in accordance with, section 390 of the Act.

Manner of and time for Payment

3.2.
The financial penalty must be paid in full by Mr Rosier to the Authority by no later

than 19 October 2017, 14 days from the date of the Final Notice.

If the financial penalty is not paid

3.3.
If all or any of the financial penalty is outstanding on 19 October 2017, the

Authority may recover the outstanding amount as a debt owed by Mr Rosier and

due to the Authority.

3.4.
Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of

information about the matter to which this notice relates. Under those

provisions, the Authority must publish such information about the matter to which

this 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 Rosier or prejudicial to the interests of

consumers or detrimental to the stability of the UK financial system.

3.5.
The Authority intends to publish such information about the matter to which this

Final Notice relates as it considers appropriate.

Authority contacts

For more information concerning this matter generally, contact Kate Tuckley

(direct line: 020 7066 7086) of the Enforcement and Market Oversight Division of

the Authority.

Financial Conduct Authority, Enforcement and Market Oversight Division