FINAL NOTICE

To:
Credit Car Ltd

FRN: 737807

Dated: 12 June 2018


ACTION

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

2.
The Authority issued to CCL 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 CCL’s Part 4A permission.

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

4.
Accordingly, the Authority has today cancelled CCL’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;

“CCL” means Credit Car Ltd;


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

“the Decision Notice” means the Decision Notice issued to CCL dated 22 March
2018;

“the Return” means the CCR007 return for the period ended 1 March 2017, which
CCL was due to submit to the Authority by 12 April 2017;

“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 CCL dated 27 February
2018.


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

7.
This is because CCL has failed to comply with the regulatory requirement to
submit the Return. CCL has not been open and co-operative in all its dealings
with the Authority, in that CCL 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.

8.
These failures, which are significant in the context of CCL’s suitability, lead the
Authority to conclude that CCL 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 CCL was granted a Part
4A 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 CCL in accordance with section 390(1) of the Act.

Publicity

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 CCL 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.

Authority Contact

13.
For more information concerning this matter generally, please contact Maria
Lewis at the Authority (direct line: 020 7066 0897).

Enforcement and Market Oversight Division