FINAL NOTICE

Address:
11 Shottery Brook

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Montague Capital Limited.


2.
The Authority gave Montague Capital Limited a Decision Notice on 20 March 2013
(the “Decision Notice”) which notified it that for the reasons given below and
pursuant to section 45 (now section 55J) of the Act, the Authority had decided to
cancel the permission granted to Montague Capital Limited under the Act
(“Montague Capital Limited’s permission”).


3.
Montague Capital Limited has not referred the matter to the Tribunal within 28
days of the date on which the Decision Notice was given to it.


4.
Accordingly, the Authority has today cancelled Montague Capital Limited’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 body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct
Authority

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber)


REASONS FOR THE ACTION

6.
On the basis of the facts and matters and conclusions described in its Warning
Notice issued to Montague Capital Limited dated 7 February 2013 (the “Warning
Notice”), and in the Decision Notice, it appears to the Authority that Montague
Capital Limited is failing to satisfy the threshold conditions set out in Schedule 6
to the Act (the “Threshold Conditions”), in that the Authority is not satisfied that
Montague Capital Limited is a fit and proper person having regard to all the
circumstances, including whether Montague Capital Limited managed its business
in such a way as to ensure that its affairs were conducted in a sound and prudent
manner.


7.
This is because Montague Capital Limited has failed to pay regulatory fees and
levies owed to the Authority totalling £1,886.73 (the “Overdue Balance”).
Montague Capital Limited has not been open and co-operative in all its dealings
with the Authority, in that it 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 Authority’s Principles for Businesses and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards under the regulatory system.


8.
These failures, lead the Authority to conclude that Montague Capital Limited 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.


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 Montague Capital Limited 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 Montague Capital Limited 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 Edward
Thompson at the Authority (direct line: 020 7066 3564/fax: 020 7066 3565).

John Kirby
Enforcement and Financial Crime Division