Decision Notice

On , the Financial Conduct Authority issued a Decision Notice to First Union Europe Limited

First Union (Europe) Limited


For the reasons set out below and under regulation 60(3)(a) of the MLR, the Authority
has decided to cancel FUEL’s Registration.


FUEL has failed to pay a charge imposed by the Authority. The Authority may cancel
FUEL’s Registration under the MLR 2017 in accordance with Regulation 60(3)(a) of the
MLR 2017, on the basis of the condition in Regulation 59(1)(c)(ii) (to which Regulation
60(3)(a) refers and which concerns the payment of charges).


The definitions below are used in this Notice (and in the Annex):

“the Act” means the Financial Services and Markets Act 2000;

“Annex 1 financial institution” has the meaning given in Regulation 55(2) of the MLR

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“FUEL” means First Union (Europe) Limited;

“FUEL’s Registration” means the registration by the Authority for FUEL as an Annex 1
financial institution under the MLR;

“the MLR” means the Money Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations 2017;

“Notice” means Notice of Proposed Cancellation; and

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).


The statutory and regulatory provisions relevant to this Notice are set out in the Annex.


FUEL was registered by the Authority on 16 May 2017 as an Annex 1 financial institution.

FUEL has failed to pay charges totalling £460 owed to the Authority, consisting of an
invoice dated 6 August 2019 in respect of charges for the period from 1 April 2019 to 31
March 2020 which had been due for payment by 5 September 2019.

FUEL has also failed to respond adequately to the Authority’s repeated requests that it
pay the charges owed to the Authority.

By its Notice of Proposed Cancellation dated 15 November 2022, the Authority gave
notice that it proposed to cancel FUEL’s Registration and FUEL was given the opportunity
to make representations to the Authority about that proposed action.

Regulation 60(9) of the MLR requires the Authority then to decide whether to cancel
FUEL’s registration.

No representations have been received by the Authority from FUEL within the time
allowed by the Notice of Proposed Cancellation. The Authority has therefore decided to
cancel FUEL’s Registration for the reasons described above. The cancellation of FUEL will
take effect on 20 January 2023.


Decision maker

The decision which gave rise to the obligation to give this Notice was made by an Authority
staff member under executive procedures.

This Notice of Decision to Cancel is given to FUEL under Regulation 60(9)(b) and is being
served on FUEL at the address last notified to the Authority as FUEL’s principal place of

The Tribunal

FUEL has the right to appeal the decision to cancel to the Tribunal. The Tax and Chancery
Chamber is the part of the Upper Tribunal which, hears appeals arising from decisions of
the Authority. Under paragraph 2(2) of Schedule 3 to the Tribunal Procedure (Upper
Tribunal) Rules 2008, FUEL has 28 days from the date on which this Notice is given to
FUEL to refer the appeal to the Tribunal.

An appeal to the Tribunal is made by way of a signed reference notice (Form FTC3) filed
with a copy of this Notice. The Tribunal’s contact details are: Upper Tribunal, (Tax and
Chancery Chamber), Fifth Floor, Rolls Building, Fetter Lane, London, EC4A 1NL (tel: 020
7612 9730; email:

For further information on the Tribunal, FUEL should refer to the HM Courts and Tribunal
Service website. Guidance on making a reference to the Tribunal and the relevant form
to complete (Form FTC3) can be accessed from the following link:

A copy of Form FTC3 must also be sent to Funmi Ojo ( at the
Authority, 12 Endeavour Square, London E20 1JN at the same time as filing a reference
with the Upper Tribunal.

Access to evidence

A schedule of the material upon which the Authority has relied in deciding to give FUEL
this Notice was given to FUEL with the Notice of Proposed Cancellation.

Confidentiality and publicity

This Notice may contain confidential information and should not be disclosed to a third
party (except for the purpose of obtaining advice on its contents).

However, the Authority may publish such information about the matter to which a Notice
served under Regulation 60(9) relates as it considers appropriate. The information
published may contain reference to the facts and matters contained in this Notice.


For more information concerning this matter generally, FUEL should contact Funmi Ojo
at the Authority (direct line: 020 7066 1354).

Kerralie Wallbridge
Executive Decision Maker

Decision made by an FCA Head of Department under Executive Procedures




1. Regulation 55(1) of the MLR provides:

“The [Authority] may maintain a register of Annex I financial institutions.”

2. Regulation 55(6) of the MLR provides:

“The register maintained by the registering authorities must include entries in any
equivalent registers maintained under regulation 32 of the Money Laundering
Regulations 2007 which were current immediately before the date that regulation
was revoked.”

3. Regulation 59(1) of the MLR provides:

“Subject to regulation 58, the registering authority may refuse to register an
applicant for registration in a register maintained under regulation 54 or 55 only

(c) the applicant has failed to pay […]

(ii) a charge imposed by the authority under Part 11”.

4. Regulation 60(3) of the MLR provides:

“The registering authority may […] cancel a person’s registration in a register
maintained by it under regulation 54 or 55 if, at any time after registration—

(a) it appears to the authority that any of paragraphs (a) to (e) of
regulation 59(1) apply;


5. Regulation 60(8) of the MLR provides:

“Where the FCA is minded to suspend or cancel a person’s registration it must
give that person notice—

(a) that it is so minded;

(b) if appropriate, the proposed period of the suspension;

(c) the reasons for being so minded; and

(d) the right to make representations to it within the period specified in
the notice (which must not be less than 28 days).”

6. Regulation 60(9) of the MLR provides:

“The FCA must then decide, within a reasonable period, whether to suspend or
cancel the person’s registration and it must give that person notice of—

(a) its decision not to be suspend or cancel the person’s registration; or
(b) the following matters-

i. the decision to suspend or cancel the person’s registration and,
subject to paragraph 10, the date from which the suspension or
cancellation takes effect;

ii. the period of the suspension;

iii. the reasons for its decision; and

iv. the right to appeal under regulation 93.”

7. Regulation 120 (1)(a) and (b) of the MLR provides:

“The FCA and the Commissioners may impose charges on —

(c) applicants for registration under Chapter 2 of Part 6;

(d) relevant persons supervised by them.”


8. The Authority’s policy in relation to exercising its enforcement powers is set out in EG, the
relevant provisions of which are summarised below.

9. EG 19.14.7 provides that, in relation to the MLR, the Authority has decided to adopt
enforcement and decision making procedures, in relation to the use of its investigation and
sanctioning powers, broadly akin to those it has under the Act. The types of circumstances
in which the Authority will consider cancelling a firm’s Part 4A Permission under the Act
include non-payment of Authority fees or repeated



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