Final Notice

On , the Financial Conduct Authority issued a Final Notice to Cornish Hot Tubs Limited



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

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

CHTL 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 CHTL’s Part 4A 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;

“CHTL” means Cornish Hot Tubs Limited;

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

“the Decision Notice” means the Decision Notice issued to CHTL dated 24 March

“the Return” means the CCR007 return for the period ended 31 March 2019,
which CHTL was due to submit to the Authority by 15 May 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 CHTL dated 3 March


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

This is because CHTL has failed to comply with the regulatory requirement to
submit the Return. CHTL has not been open and co-operative in all its dealings with
the Authority, in that CHTL 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 CHTL’s suitability, lead the
Authority to conclude that CHTL 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 CHTL 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 CHTL 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 CHTL 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 Victoria
Oyebanjo at the Authority (direct line: 020 706 64564).

Martin Butcher
Enforcement and Market Oversight Division


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