Decision Notice
On , the Financial Conduct Authority issued a Decision Notice to J J Shannon Ltd
1
NOTICE OF DECISION
To:
J J Shannon Ltd
ACTION
1.
For the reasons given below, the Authority has decided to cancel J J Shannon Ltd’s Part 4A
permission. The cancellation takes effect on the date of this Notice of Decision.
2.
The effect of the cancellation is that J J Shannon Ltd no longer has permission to carry on any
regulated activities.
DEFINITIONS
3.
The definitions below are used in this Notice of Decision (and in the Annex):
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“EG” means the Enforcement Guide;
“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;
2
“FEES” means the Authority’s FEES Manual, part of the Handbook;
“FSCS” means the Financial Services Compensation Scheme;
“the Further Notice” means the further notice issued by the Authority to J J Shannon Ltd dated
10 August 2023;
“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the IML levy” means the Illegal Money Lending levy;
“the Notice” means the notice issued by the Authority to J J Shannon Ltd dated 27 June 2023;
“J J Shannon Ltd’s Part 4A permission” means the Part 4A permission granted by the Authority
to J J Shannon Ltd;
“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;
“RAG” means regulated activity group as referred to in SUP;
“the Returns” means the CCR007 returns for the periods ended 31 December 2021 and 31
December 2022 which J J Shannon Ltd was due to submit to the Authority on 14 February
2022 and 13 February 2023 respectively;
“SFGB Levy” means the Single Financial Guidance Body Levy;
“SUP” means the Supervision Manual, part of the Handbook; and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).
FACTS AND MATTERS
4. J J Shannon Ltd was authorised by the Authority on 24 May 2017 and has a Part 4A permission
to conduct the following regulated activities in relation to consumer credit business:
i.
agreeing to carry on regulated activity; and
ii.
credit broking.
5. J J Shannon Ltd submitted regulatory returns to the Authority for the period 1 January 2020 to
31 December 2020 which show that J J Shannon Ltd has not generated any income from the
regulated activities it is permitted to carry on.
6. J J Shannon Ltd also failed to pay periodic fees and levies owed to the Authority as required
under the Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R,
7A.3.1R and 13.2.1R. In particular, J J Shannon Ltd has failed to pay:
i. an invoice dated 21 September 2021 for periodic fees and levies of £305.30
which had been due for payment by 20 December 2021; and
3
ii. an invoice dated 6 September 2022 for periodic fees and levies of £408.24
which had been due for payment by 6 October 2022.
7.
In addition, under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, J J Shannon
Ltd is required to submit the Returns to the Authority by the relevant due date. However, J J
Shannon Ltd has failed to submit the Returns to the Authority. Furthermore, under SUP
16.10.4R, 16.10.4AR and 16.10.14AAR, J J Shannon Ltd is required to submit the FDA to the
Authority by the relevant due date. However, J J Shannon Ltd has failed to submit the FDA to
the Authority.
8.
The Authority therefore considers that J J Shannon Ltd has failed to provide information to the
Authority as is required by the Handbook, namely the information it is required to provide in
the Returns and the FDA. There are no other matters that suggest J J Shannon Ltd is carrying
on regulated activities.
9.
On 27 June 2023, the Authority gave J J Shannon Ltd the Notice which stated that:
(a)
it appears to the Authority that J J Shannon Ltd is carrying on no regulated activity to
which its Part 4A permission relates; and
(b)
the Authority may take action to cancel J J Shannon Ltd’s Part 4A permission unless it
responds to the Notice in the manner specified in the directions to the Notice.
10.
J J Shannon Ltd failed to respond to the Notice.
11.
As a result of the matters specified above, on 10 August 2023, the Authority gave J J Shannon
Ltd the Further Notice which stated that:
a) the Authority considered that J J Shannon Ltd is carrying on no regulated activity to
which its Part 4A permission relates; and
b) the Authority proposes to cancel J J Shannon Ltd’s Part 4A permission on 5 September
2023 unless J J Shannon Ltd takes the steps specified in the directions to the Further
Notice.
12.
J J Shannon Ltd failed to take the steps specified in the Further Notice.
CANCELLATION OF PART 4A PERMISSION
13.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that J J Shannon Ltd is carrying on no regulated activity
to which its Part 4A permission relates. The Authority has therefore decided to cancel J J
Shannon Ltd’s Part 4A permission. The cancellation of J J Shannon Ltd’s Part 4A permission
takes effect on the date of this Notice of Decision.
14.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.
PROCEDURAL MATTERS
15.
This Notice of Decision is given to J J Shannon Ltd under paragraph 3 of Schedule 6A to the
Act (variation or cancellation of Part 4A permission on initiative of FCA: additional power).
The following paragraphs are important.
Annulment of the Authority’s decision
16.
If J J Shannon Ltd is aggrieved by the decision to cancel its Part 4A permission as set out in
this Notice of Decision, J J Shannon Ltd may make an application for an annulment of the
Authority’s decision under paragraph 4 of Schedule 6A to the Act.
17.
J J Shannon Ltd must submit a completed application for an annulment of the Authority’s
decision to the Authority by 4 September 2024 and in the manner specified by the Authority.
The Tribunal
18.
J J Shannon Ltd does not have a right to refer the decision to give this Notice of Decision to
the Tribunal.
19.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.
20.
For more information concerning this matter generally, J J Shannon Ltd should contact Diluar
Khan (direct line: 020 7066 5953).
Jeremy Parkinson
Enforcement and Market Oversight Division
NOTICE OF DECISION
To:
J J Shannon Ltd
ACTION
1.
For the reasons given below, the Authority has decided to cancel J J Shannon Ltd’s Part 4A
permission. The cancellation takes effect on the date of this Notice of Decision.
2.
The effect of the cancellation is that J J Shannon Ltd no longer has permission to carry on any
regulated activities.
DEFINITIONS
3.
The definitions below are used in this Notice of Decision (and in the Annex):
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“EG” means the Enforcement Guide;
“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;
2
“FEES” means the Authority’s FEES Manual, part of the Handbook;
“FSCS” means the Financial Services Compensation Scheme;
“the Further Notice” means the further notice issued by the Authority to J J Shannon Ltd dated
10 August 2023;
“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the IML levy” means the Illegal Money Lending levy;
“the Notice” means the notice issued by the Authority to J J Shannon Ltd dated 27 June 2023;
“J J Shannon Ltd’s Part 4A permission” means the Part 4A permission granted by the Authority
to J J Shannon Ltd;
“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;
“RAG” means regulated activity group as referred to in SUP;
“the Returns” means the CCR007 returns for the periods ended 31 December 2021 and 31
December 2022 which J J Shannon Ltd was due to submit to the Authority on 14 February
2022 and 13 February 2023 respectively;
“SFGB Levy” means the Single Financial Guidance Body Levy;
“SUP” means the Supervision Manual, part of the Handbook; and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).
FACTS AND MATTERS
4. J J Shannon Ltd was authorised by the Authority on 24 May 2017 and has a Part 4A permission
to conduct the following regulated activities in relation to consumer credit business:
i.
agreeing to carry on regulated activity; and
ii.
credit broking.
5. J J Shannon Ltd submitted regulatory returns to the Authority for the period 1 January 2020 to
31 December 2020 which show that J J Shannon Ltd has not generated any income from the
regulated activities it is permitted to carry on.
6. J J Shannon Ltd also failed to pay periodic fees and levies owed to the Authority as required
under the Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R,
7A.3.1R and 13.2.1R. In particular, J J Shannon Ltd has failed to pay:
i. an invoice dated 21 September 2021 for periodic fees and levies of £305.30
which had been due for payment by 20 December 2021; and
3
ii. an invoice dated 6 September 2022 for periodic fees and levies of £408.24
which had been due for payment by 6 October 2022.
7.
In addition, under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, J J Shannon
Ltd is required to submit the Returns to the Authority by the relevant due date. However, J J
Shannon Ltd has failed to submit the Returns to the Authority. Furthermore, under SUP
16.10.4R, 16.10.4AR and 16.10.14AAR, J J Shannon Ltd is required to submit the FDA to the
Authority by the relevant due date. However, J J Shannon Ltd has failed to submit the FDA to
the Authority.
8.
The Authority therefore considers that J J Shannon Ltd has failed to provide information to the
Authority as is required by the Handbook, namely the information it is required to provide in
the Returns and the FDA. There are no other matters that suggest J J Shannon Ltd is carrying
on regulated activities.
9.
On 27 June 2023, the Authority gave J J Shannon Ltd the Notice which stated that:
(a)
it appears to the Authority that J J Shannon Ltd is carrying on no regulated activity to
which its Part 4A permission relates; and
(b)
the Authority may take action to cancel J J Shannon Ltd’s Part 4A permission unless it
responds to the Notice in the manner specified in the directions to the Notice.
10.
J J Shannon Ltd failed to respond to the Notice.
11.
As a result of the matters specified above, on 10 August 2023, the Authority gave J J Shannon
Ltd the Further Notice which stated that:
a) the Authority considered that J J Shannon Ltd is carrying on no regulated activity to
which its Part 4A permission relates; and
b) the Authority proposes to cancel J J Shannon Ltd’s Part 4A permission on 5 September
2023 unless J J Shannon Ltd takes the steps specified in the directions to the Further
Notice.
12.
J J Shannon Ltd failed to take the steps specified in the Further Notice.
CANCELLATION OF PART 4A PERMISSION
13.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that J J Shannon Ltd is carrying on no regulated activity
to which its Part 4A permission relates. The Authority has therefore decided to cancel J J
Shannon Ltd’s Part 4A permission. The cancellation of J J Shannon Ltd’s Part 4A permission
takes effect on the date of this Notice of Decision.
14.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.
PROCEDURAL MATTERS
15.
This Notice of Decision is given to J J Shannon Ltd under paragraph 3 of Schedule 6A to the
Act (variation or cancellation of Part 4A permission on initiative of FCA: additional power).
The following paragraphs are important.
Annulment of the Authority’s decision
16.
If J J Shannon Ltd is aggrieved by the decision to cancel its Part 4A permission as set out in
this Notice of Decision, J J Shannon Ltd may make an application for an annulment of the
Authority’s decision under paragraph 4 of Schedule 6A to the Act.
17.
J J Shannon Ltd must submit a completed application for an annulment of the Authority’s
decision to the Authority by 4 September 2024 and in the manner specified by the Authority.
The Tribunal
18.
J J Shannon Ltd does not have a right to refer the decision to give this Notice of Decision to
the Tribunal.
19.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.
20.
For more information concerning this matter generally, J J Shannon Ltd should contact Diluar
Khan (direct line: 020 7066 5953).
Jeremy Parkinson
Enforcement and Market Oversight Division