FINAL NOTICE

To:

Maddison Cars (John Maddison trading as)

ACTION

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



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


3.
Mr Maddison 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 Maddison’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;


Maddison Cars (John Maddison trading as) 20 September 2018
Final Notice
Page 2

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to Mr Maddison dated 26 July
2018;

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

“the Overdue Balance” means the amount owed by Mr Maddison to the Authority of
£172.08 in respect of periodic fees and levies, which was due for payment by 9
December 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 Mr Maddison dated 5 July
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 Maddison is
failing to meet the suitability Threshold Condition, in that the Authority is not satisfied
that Mr Maddison is a fit and proper person having regard to all the circumstances,
including whether Mr Maddison managed his business in such a way as to ensure
that his affairs were conducted in a sound and prudent manner.


7.
Mr Maddison has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr Maddison 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 Maddison’s suitability, lead
the Authority to conclude that Mr Maddison 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 was granted
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 Maddison in accordance with section 390(1) of the
Act.

Maddison Cars (John Maddison trading as) 20 September 2018
Final Notice
Page 3

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 Maddison 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 Funmi Ojo at
the Authority (direct line: 020 7066 1354).

Anna Couzens
Enforcement and Market Oversight Division