Final Notice

On , the Financial Conduct Authority issued a Final Notice to Prestige Motor Base Limited


Dated: 13 July 2016


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

The Authority issued to PMBL 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 PMBL’s permission.

PMBL 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 PMBL’s 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 to PMBL dated 27 May

“PMBL” means Prestige Motor Base Limited;

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

“the Return” means the CCR007 return for the period ended 30 September 2015,
which PMBL was due to submit to the Authority by 11 November 2015;

“the suitability Threshold Condition” means the Threshold Condition set out in
paragraph 2E of Schedule 6 of the Act;

“the Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act; and

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).


On the basis of the facts and matters and conclusions described in its Warning
Notice issued to PMBL dated 25 April 2016 and in the Decision Notice, it appears
to the Authority that PMBL is failing to satisfy the suitability Threshold Condition,
in that the Authority is not satisfied that PMBL is a fit and proper person having
regard to all the circumstances, including whether PMBL managed its business in
such a way as to ensure that its affairs were conducted in a sound and prudent

This is because PMBL has failed to comply with the regulatory requirement to
submit the Return. PMBL has not been open and co-operative in all its dealings
with the Authority, in that PMBL 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 under the regulatory system.

These failures, which are significant in the context of PMBL’s suitability, lead the
Authority to conclude that PMBL 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 PMBL 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 PMBL 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 PMBL 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.

Authority Contact

For more information concerning this matter generally, please contact Namrata
Kanzaria at the Authority (direct line: 020 7066 9026).

John Kirby
Enforcement and Market Oversight Division


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