FINAL NOTICE

Dated: 21 November 2016

ACTION

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

2.
The Authority issued to Mr McCreesh 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 McCreesh’s permission.

3.
Mr McCreesh has not referred the matter to the Tribunal within 28 days of the
date on which the Decision Notice was issued to him.

4.
Accordingly, the Authority has today cancelled Mr McCreesh’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 Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to Mr McCreesh dated 5
October 2016;

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

“the Return” means the CCR007 return for the period ended 31 December 2015,
which Mr McCreesh was due to submit to the Authority by 12 February 2016;

“the suitability Threshold Condition” means the threshold condition stated at
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 McCreesh dated 14

REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice issued to Mr McCreesh and in the Decision Notice, it appears to the
Authority that Mr McCreesh is failing to satisfy the suitability Threshold Condition,
in that the Authority is not satisfied that Mr McCreesh is a fit and proper person
having regard to all the circumstances, including whether Mr McCreesh managed
his business in such a way as to ensure that his affairs were conducted in a sound
and prudent manner.

7.
This is because Mr McCreesh has failed to comply with the regulatory requirement
to submit the Return. Mr McCreesh has not been open and co-operative in all Mr
McCreesh’s dealings with the Authority, in that he 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.

8.
These failures, which are significant in the context of Mr McCreesh’s suitability,
lead the Authority to conclude that Mr McCreesh 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 McCreesh 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 Mr McCreesh in accordance with section 390(1) of the
Act.

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 McCreesh 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.

13.
For more information concerning this matter generally, please contact Prea Deans
at the Authority (direct line: 020 7066 2272).

John Kirby
Enforcement and Market Oversight Division