FINAL NOTICE

To:

Karel Nallet

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

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

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

4.
Accordingly, the Authority has today cancelled Mr Nallet’s 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 Nallet dated 26 March
2019;

“Mr Nallet’s Part 4A permission” means the permission granted by the Authority to
Karel Nallet pursuant to Part 4A of the Act;

“the Returns” means the CCR003 (Lenders) and CCR007 (key data) returns for the
period ended 3 March 2018, which Mr Nallet was due to submit to the Authority by
17 April 2018;

“the suitability Threshold Condition” means the threshold condition stated at
parapgraph 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 Nallet dated 5 March
2019.

REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice issued to Mr Nallet and in the Decision Notice, it appears to the Authority
that Mr Nallet is failing to satisfy the suitability Threshold Condition, in that the
Authority is not satisfied that Mr Nallet is a fit and proper person having regard to
all the circumstances, including whether Mr Nallet managed his business in such a
way as to ensure that his affairs were conducted in a sound and prudent manner.

7.
This is because Mr Nallet has failed to comply with the regulatory requirement to
submit the Returns. Mr Nallet has not been open and co-operative in all his dealings
with the Authority, in that he has failed to respond adequately to the Authority's
repeated requests for him to submit the Returns, and has thereby failed to comply
with Principle 11 of the Authority's Principles for Businesses 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 Nallet’s suitability, lead
the Authority to conclude that Mr Nallet 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 Mr Nallet has
had a 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 Nallet 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 Nallet 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 Rachel
Fasanya at the Authority (direct line: 020 7066 3202).

Anna Couzens
Enforcement and Market Oversight Division