Final Notice

On , the Financial Conduct Authority issued a Final Notice to One Solar PV Ltd


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

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

OSPVL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was issued to it.

Accordingly, the Authority has today cancelled OSPVL’s 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 OSPVL dated 25 July

“OSPVL” means One Solar PV Ltd;

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

“the Returns” means the CCR-Complaints, CCR001 (Financial Data) and CCR002
(Volumes) returns for the period ended 31 August 2017, which OSPVL was due to
submit to the Authority by 12 October 2017;

“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 OSPVL dated 27 June



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

This is because OSPVL has failed to comply with the regulatory requirement to
submit the Returns. OSPVL has not been open and co-operative in all OSPVL’s
dealings with the Authority, in that it has failed to respond adequately to the
Authority's repeated requests for it 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 it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.

These failures, which are significant in the context of OSPVL’s suitability, lead the
Authority to conclude that OSPVL 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 OSPVL has had a


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 OSPVL 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 OSPVL 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 Rachel
Fasanya at the Authority (direct line: 020 7066 3202).

Anna Couzens
Enforcement and Market Oversight Division


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