FINAL NOTICE

ACTION

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



2.
The Authority issued to Mr Smith the Decision Notice which notified Mr Smith that
for the reasons given below and pursuant to section 55J of the Act, the Authority
had decided to cancel Mr Smith’s Part 4A permission.


3.
Mr Smith has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to him.


4.
Accordingly, the Authority has today cancelled Mr Smith’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;

“the Decision Notice” means the Decision Notice issued to Mr Smith dated 1
November 2018;

“the Overdue Balance” means the amount owed by Mr Smith to the Authority of
£845 comprising an invoice for an administrative fee of £250 for late submission of
a regulatory return, which had been due for payment by 12 August 2016; an
invoice for regulatory fees and levies for £345, which had been due for payment by
20 November 2016; and an invoice for an administrative fee of £250 for late
submission of a regulatory return, which had been due for payment by 5 October
2017;

“the Principles” means the Authority’s Principles for Businesses;


“Mr Smith’s Part 4A permission” means the permission granted by the Authority to

James Smith pursuant to Part 4A of the Act;

“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 Mr Smith dated 9
October 2018.

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


7.
Mr Smith has failed to pay the Overdue Balance and has not been open and co-
operative in all his dealings with the Authority, in that Mr Smith has failed to
respond to the Authority’s repeated requests for him to pay the Overdue Balance,
and has thereby failed to comply with Principle 11 of the Principles and to satisfy
the Authority that he is ready, willing and organised to comply with the
requirements and standards of the regulatory system.


8.
These failures, which are significant in the context of Mr Smith’s suitability, lead
the Authority to conclude that Mr Smith has failed to manage his business in such a
way as to ensure that his affairs are conducted in a sound and prudent manner,
that he is not a fit and proper person, and that he is therefore failing to satisfy the
Threshold Conditions in relation to the regulated activities for which he has had 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 Mr Smith 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 Mr Smith 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).

Anna Couzens
Enforcement and Market Oversight Division