FINAL NOTICE

ACTION

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


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


3.
PSL 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 PSL’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;

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to PSL dated 5 January
2017;

“the Overdue Balance” means the amount owed by PSL to the Authority
comprising an invoice dated 8 October 2015 for £145 for regulatory fees and
levies for the period 1 April 2015 to 31 March 2016, which was due for payment
by 7 November 2015;

“the Principles” means the Authority’s Principles for Businesses;

“PSL” means Pager Services Ltd;

“PSL’s Part 4A permission” means the permission granted by the Authority to PSL

pursuant to Part 4A of the Act;

“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 PSL dated 7 December
2016.

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


7.
PSL 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 PSL 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.


8.
These failures, which are significant in the context of PSL’s suitability, lead the
Authority to conclude that PSL 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 PSL under section 55Z and 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 PSL 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).

John Kirby
Enforcement and Market Oversight Division