Final Notice
On , the Financial Conduct Authority issued a Final Notice to Lifestyle Car Sale Limited
1
FINAL NOTICE
To: Lifestyle Car Sale Limited
Chesterton Road
Eastwood Trading Estate
Rotherham
S65 1SU
FRN: 913613
Dated:
23 November 2022
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against LCSL.
2.
The Authority issued to LCSL the Decision Notice which notified LCSL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel LCSL’s Part 4A permission.
3.
LCSL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.
4.
Accordingly, the Authority has today cancelled LCSL’s Part 4A permission.
2
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 by the Authority to LCSL
dated 21 October 2022;
“LCSL” means Life Car Sale Limited;
“LCSL’s Part 4A permission” means the permission granted by the Authority to LCSL
pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £315.08 owed by LCSL to the
Authority, comprising of: and an invoice dated 18 February 2020 for regulatory fees
and levies of £65.08 for the period 1 April 2019 to 31 March 2020 which was due
for payment by 19 March 2020; and an invoice dated 13 March 2020 for £250 which
was due for payment by 12 April 2020 for the late submission of regulatory returns
(due to be submitted by 12 February 2020);
“the Principles” means the Authority’s Principles for Businesses;
“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 by the Authority to LCSL
dated 29 September 2022.
REASONS FOR THE 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 LCSL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
LCSL is a fit and proper person having regard to all the circumstances, including
whether LCSL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
LCSL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that LCSL has failed to respond to
the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of LCSL’s suitability, lead the
Authority to conclude that LCSL 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 it has had a Part 4A
permission.
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DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
IMPORTANT
10.
This Final Notice is given to LCSL in accordance with section 390(1) of the Act.
Publicity
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 LCSL or prejudicial to the interest of consumers.
11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contact
12.
For more information concerning this matter generally, please contact Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Jeremy Parkinson
Enforcement and Market Oversight Division
FINAL NOTICE
To: Lifestyle Car Sale Limited
Chesterton Road
Eastwood Trading Estate
Rotherham
S65 1SU
FRN: 913613
Dated:
23 November 2022
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against LCSL.
2.
The Authority issued to LCSL the Decision Notice which notified LCSL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel LCSL’s Part 4A permission.
3.
LCSL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.
4.
Accordingly, the Authority has today cancelled LCSL’s Part 4A permission.
2
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 by the Authority to LCSL
dated 21 October 2022;
“LCSL” means Life Car Sale Limited;
“LCSL’s Part 4A permission” means the permission granted by the Authority to LCSL
pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £315.08 owed by LCSL to the
Authority, comprising of: and an invoice dated 18 February 2020 for regulatory fees
and levies of £65.08 for the period 1 April 2019 to 31 March 2020 which was due
for payment by 19 March 2020; and an invoice dated 13 March 2020 for £250 which
was due for payment by 12 April 2020 for the late submission of regulatory returns
(due to be submitted by 12 February 2020);
“the Principles” means the Authority’s Principles for Businesses;
“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 by the Authority to LCSL
dated 29 September 2022.
REASONS FOR THE 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 LCSL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
LCSL is a fit and proper person having regard to all the circumstances, including
whether LCSL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
LCSL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that LCSL has failed to respond to
the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of LCSL’s suitability, lead the
Authority to conclude that LCSL 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 it has had a Part 4A
permission.
3
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
IMPORTANT
10.
This Final Notice is given to LCSL in accordance with section 390(1) of the Act.
Publicity
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 LCSL or prejudicial to the interest of consumers.
11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contact
12.
For more information concerning this matter generally, please contact Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Jeremy Parkinson
Enforcement and Market Oversight Division