For the reasons set out in this Final Notice, the Authority hereby takes the following
action against LFSL.
The Authority issued to LFSL the Decision Notice which notified LFSL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel LFSL’s Part 4A permission.
LFSL 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 LFSL’s Part 4A permission.
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 LFSL dated 25 April
“LFSL” means Logic Financial Solutions Ltd;
“LFSL’s Part 4A permission” means the permission granted by the Authority to LFSL
pursuant to Part 4A of the Act;
“the Overdue Balance” means the amount owed by LFSL to the Authority
comprising an invoice dated 12 August 2016 for £6,316.30 for regulatory fees and
levies for the period 1 April 2016 to 31 March 2017, which was due for payment by
11 September 2016;
“the Principles” means the Authority’s Principles for Businesses;
“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 LFSL dated 30 March
REASONS FOR THE ACTION
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 LFSL is failing to
meet the suitability Threshold Condition, in that the Authority is not satisfied that
LFSL is a fit and proper person having regard to all the circumstances, including
whether LFSL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
LFSL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that LFSL has failed to respond to
the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards under the regulatory system.
These failures, which are significant in the context of LFSL’s suitability, lead the
Authority to conclude that LFSL has failed to manage its business in such a way as
to ensure that its affairs are conducted in a sound and prudent manner, that it is
not a fit and proper person, and that it is therefore failing to satisfy the Threshold
Conditions in relation to the regulated activities for which it has had a permission.
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 LFSL under section 55Z and in accordance with section
390(1) of the Act.
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 LFSL or prejudicial to the interest of consumers.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
For more information concerning this matter generally, please contact Funmi Ojo at
the Authority (direct line: 020 7066 1354).
Enforcement and Market Oversight Division