Performance Tuning UK Limited
Dated: 8 August 2016
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against PTUL.
The Authority issued to PTUL 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 PTUL’s permission.
PTUL 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 PTUL’s permission.
Performance Tuning UK Limited
8 August 2016
Final Notice Page 2
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 PTUL dated 30 June
“PTUL” means Performance Tuning UK Limited;
“PTUL’s permission” means the permission granted by the Authority to PTUL
pursuant to Part 4A of the Act;
“the Returns” means the CCR003 and CCR007 returns for the period ended 31
August 2015, which were due to be submitted to the Authority by 12 October
“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 PTUL dated 8 June
REASONS FOR ACTION
On the basis of the facts and matters and conclusions described in the Warning
Notice issued to PTUL and in the Decision Notice, it appears to the Authority that
PTUL is failing to satisfy the suitability Threshold Condition, in that the Authority
is not satisfied that PTUL is a fit and proper person having regard to all the
circumstances, including whether PTUL managed its business in such a way as to
ensure that its affairs were conducted in a sound and prudent manner.
This is because PTUL has failed to comply with the regulatory requirement to
submit the Returns. PTUL has not been open and co-operative in all PTUL’s
dealings with the Authority, in that PTUL 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 under the regulatory system.
These failures, which are significant in the context of PTUL’s suitability, lead the
Authority to conclude that PTUL 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 PTUL has had
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 PTUL 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 PTUL 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 Prea Deans
at the Authority (direct line: 020 7066 2272).
Enforcement and Market Oversight Division