Final Notice

On , the Financial Conduct Authority issued a Final Notice to Mr Balraj Bhalla



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

The Authority issued to Mr Bhalla 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 Bhalla s’ Part 4A permission.

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

Accordingly, the Authority has today cancelled Mr Bhalla’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;

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

“the Decision Notice” means the Decision Notice issued to Mr Bhalla dated 5 March

“the Return” means the CCR007 return for the period ended 5 April 2019, Mr Bhalla
was due to submit to the Authority by 22 May 2019;

“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 Bhalla dated 5
February 2020.


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

This is because Mr Bhalla has failed to comply with the regulatory requirement to
submit the Return. Mr Bhalla has not been open and co-operative in all his dealings
with the Authority, in that Mr Bhalla has failed to respond adequately to the
Authority's repeated requests for him to submit the Return, 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 under the regulatory system.

These failures, which are significant in the context of Mr Bhalla’s suitability, lead
the Authority to conclude that Mr Bhalla 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 Bhalla was
granted a Part 4A 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 Mr Bhalla 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 Mr Bhalla 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.

Authority Contact

For more information concerning this matter generally, please contact Stephanie
French at the Authority (direct line: 020 7066 6822).

Anna Couzens
Enforcement and Market Oversight Division


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