FINAL NOTICE

To:
PG Motors Sales and Servicing Limited

FRN: 724923

Dated: 22 June 2018


ACTION

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

2.
The Authority issued to PG Motors 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 PG Motors’ Part 4A permission.

3.
PG Motors has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was issued to it.

4.
Accordingly, the Authority has today cancelled PG Motors’ 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 PG Motors dated 25
April 2018;

PG Motors Sales and Servicing Limited

21 June 2018

“PG Motors” means PG Motors Sales and Servicing Limited;

“PG Motors Part 4A permission” means the permission granted by the Authority to
PG Motors pursuant to Part 4A of the Act;

“the Return” means the CCR007 return for the period ended 31 March 2017,
which PG Motors was due to submit to the Authority by 17 May 2017;

“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 PG Motors dated 28
March 2018.


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

7.
This is because PG Motors has failed to comply with the regulatory requirement to
submit the Return. PG Motors has not been open and co-operative in all its
dealings with the Authority, in that PG Motors has failed to respond adequately to
the Authority's repeated requests for it 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 it is ready, willing and organised to comply with the
requirements and standards of the regulatory system.

8.
These failures, which are significant in the context of PG Motors’ suitability, lead
the Authority to conclude that PG Motors 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 PG
Motors was granted a Part 4A 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 PG Motors in accordance with section 390(1) of the
Act.

PG Motors Sales and Servicing Limited

21 June 2018

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 PG Motors 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 Simran Tak
at the Authority (direct line: 020 7066 6923).

Enforcement and Market Oversight Division