Final Notice

On , the Financial Conduct Authority issued a Final Notice to Gemmax Solutions Limited



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

The Authority issued to GSL the Decision Notice which notified GSL that for the
reasons given below and pursuant to Regulation 10(1)(h) of the PSR, the
Authority had decided to cancel the registration granted to GSL as an SPI under
the PSR.

GSL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.

Accordingly, the Authority has today cancelled GSL’s registration as an SPI.


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 to GSL on 10 August


“GSL” means Gemmax Solutions Limited (which was registered by the Authority
on 11 January 2012 as an SPI);

“the Overdue Balance” means the amount owed by GSL to the Authority totalling
£728, consisting of an invoice for £250 which was due for payment by 11 April
2015 for non-submission of a regulatory return (due for submission by 2 February
2015), and an invoice for £478 for regulatory fees and levies for the period 1 April
2015 to 31 March 2016, which was due for payment by 28 August 2015;

“the PSR” means the Payment Services Regulations 2009;

“SPI” means Small Payment Institution; and

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


GSL has failed to pay the Overdue Balance and to respond adequately to
repeated Authority requests that it pay the Overdue Balance.

These failings lead the Authority to conclude that GSL has failed to demonstrate a
readiness and willingness to comply with its ongoing regulatory obligations which
include dealing with the Authority in an open and co-operative way. It is therefore
desirable to cancel GSL’s registration as an SPI in order to protect the interests of
consumers, in accordance with Regulation 10(1)(h) of the PSR (as applied by
Regulation 14).


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 GSL in accordance with the Act (as applied by
paragraph 7(c) of Part 1 of Schedule 5 of the PSR).


Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of
Part 1 of Schedule 5 of the PSR) apply to the publication of information about the
matter to which this Final Notice relates. Under those provisions, 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 GSL or prejudicial to the interests 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).

John Kirby
Enforcement and Market Oversight Division


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