For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Mr Moorefield.
The Authority issued to Mr Moorefield the Decision Notice which notified Mr
Moorefield that for the reasons given below and pursuant to section 55J of the Act,
the Authority had decided to cancel Mr Moorefield’s Part 4A permission.
Mr Moorefield has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was given to him.
Accordingly, the Authority has today cancelled Mr Moorefield’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;
“the Decision Notice” means the Decision Notice issued by the Authority to Mr
Moorefield dated 19 June 2017;
“Mr Moorefield’s Part 4A permission” means the permission granted by the Authority
to Paul John Moorefield pursuant to Part 4A of the Act;
“the Overdue Balance” means the amount owed by Mr Moorefield to the Authority
comprising an invoice dated 5 July 2016 for £132.92, for regulatory fees and levies
for the period 1 April 2016 to 31 March 2017, which was due for payment by 4
“the Principles” means the Authority’s Principles for Businesses;
“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 by the Authority to Mr
Moorefield dated 23 May 2017.
REASONS FOR THE ACTION
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 Moorefield is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Moorefield is a fit and proper person having regard to all the
circumstances, including whether Mr Moorefield managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.
Mr Moorefield has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr Moorefield has failed to
respond to the Authority’s repeated requests for him to pay the Overdue Balance,
and has thereby failed to comply with Principle 11 of the Principles 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 Moorefield’s suitability, lead
the Authority to conclude that Mr Moorefield 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 he
has had a 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 Moorefield under section 55Z and 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 Moorefield 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.
For more information concerning this matter generally, please contact Funmi Ojo at
the Authority (direct line: 020 7066 1354).
Enforcement and Market Oversight Division