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FINAL NOTICE

To:

Rose Motors (Philip Meyer trading as)

ACTION

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

2.
The Authority gave Mr Meyer the Decision Notice, which notified Mr Meyer that, for the
reasons given below and pursuant to section 55J of the Act, the Authority had decided
to cancel the permission granted to Mr Meyer under Part 4A of the Act.

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

4.
Accordingly, the Authority has today cancelled Mr Meyer’s Part 4A permission.

Rose Motors (Philip Meyer trading as)

4 January 2018

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DEFINITIONS

5.
The definitions below are used in this Final Notice (and in the Annex):

“the Act” means the Financial Services and Markets Act 2000;

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice given to Mr Meyer dated 7 November
2017;

“DEPP” means the Authority’s Decision Procedure and Penalties manual;


“EG” means the Authority’s Enforcement Guide;

“the Handbook” means the Authority’s Handbook of rules and guidance;

“Mr Meyer” means Rose Motors (Philip Meyer trading as)

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

“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;

“SUP” means the Supervision Manual, part of the Handbook;

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

“the Warning Notice” means the Warning Notice given to Mr Meyer dated 13 October
2017.

RELEVANT STATUTORY PROVISIONS

6.
The statutory and regulatory provisions relevant to this Final Notice are set out in the
Annex.

SUMMARY OF REASONS

7.
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 Meyer is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that Mr
Meyer is a fit and proper person having regard to all the circumstances.

8.
Mr Meyer has failed to notify the Authority of a change in the address and telephone
of his principal place of business and has failed to deal openly and co-operatively with
the Authority (in not providing up-to-date contact details).

FACTS AND MATTERS RELIED ON

9.
Mr Meyer was authorised by the Authority on 5 October 2015 to conduct consumer
credit business.

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4 January 2018

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10.
Correspondence sent by the Authority between 18 August 2016 and 16 August 2017
to the postal address last notified to the Authority as Mr Meyer’s principal place of
business was returned to the Authority marked “addressee gone away”.


11.
Correspondence sent by the Authority on 12 October 2016, 19 December 2016 and 16
August 2017 to the email address last notified to the Authority by Mr Meyer was
returned to the Authority undelivered.

12.
The Authority attempted to contact Mr Meyer on 15 December 2016 and on 2 October
2017 on the last telephone number Mr Meyer provided to the Authority. The Authority
was unable to connect the call as the telephone number was vacant.


13.
Accordingly, it appears to the Authority that Mr Meyer has failed to notify the
Authority of a change in the address and telephone number for his principal place of
business.

FAILINGS

14.
As set out in the facts and matters described above, the Authority has made repeated
unsuccessful attempts to contact Mr Meyer using the postal address, email address
and telephone number held by the Authority in relation to Mr Meyer.

15.
The Authority has concluded, on the basis of the facts and matters described above,
that:

a. Mr Meyer has failed to notify the Authority of a change in the address and

telephone number of his principal place of business contrary to SUP 15.5.4R(1)
and SUP 15.5.5R(1) respectively;

b. Mr Meyer has failed to deal openly and co-operatively with the Authority in breach

of principle 11 (Relations and regulators) of the Principles (in not providing up-to-
date contact details);

c. Mr Meyer has not demonstrated that he is ready, willing and organised to comply

with the requirements and standards under the regulatory system, namely the
requirements in SUP 15.5.4R(1) and SUP 15.5.5R(1) to give the Authority
reasonable advance notice of a change in the firm’s principal place of business and
telephone number, and the date of the change;

d. Mr Meyer has therefore failed to satisfy the Authority that his business is being

managed in such a way as to ensure that its affairs will be conducted in a sound
and prudent manner or that he is a fit and proper person having regard to all the
circumstances; and

e. is therefore failing to satisfy the suitability Threshold Condition in relation to his

permitted regulated activities;

and accordingly, Mr Meyer’s Part 4A permission should be cancelled.

DECISION MAKER

16.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

Rose Motors (Philip Meyer trading as)

4 January 2018

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IMPORTANT

17.
This Final Notice is given to Mr Meyer in accordance with section 390(1) of the Act.


18.
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 Meyer or prejudicial to the interest of consumers.


19.
The Authority intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.


Authority contact

20.
For more information concerning this matter generally, please contact Sheena Baldev
at the Authority (direct line: 020 7066 6760).

Anna Couzens
Enforcement and Market Oversight Division


Rose Motors (Philip Meyer trading as)

4 January 2018

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ANNEX

RELEVANT STATUTORY PROVISIONS

1. The Authority’s operational objectives established in section 1B of the Act include

protecting and enhancing the integrity of the UK financial system and securing an
appropriate degree of protection for consumers.

2. The Authority is authorised by section 55J of the Act to cancel an authorised person’s Part

4A permission, where it appears to the Authority that such a person is failing to satisfy
the Threshold Conditions.


3. The suitability Threshold Condition provides:

“[The firm] must be a fit and proper person having regard to all the circumstances,

including—

[…]

(d)
whether [the firm] has complied and is complying with requirements
imposed by the [Authority] in the exercise of its functions, or requests
made by the [Authority], relating to the provision of information to the
[Authority] and, where [the firm] has so complied or is so complying,
the manner of that compliance;

[…]

(f)
whether [the firm's] business is being, or is to be, managed in such a
way as to ensure that its affairs will be conducted in a sound and
prudent manner;

[…].”

RELEVANT HANDBOOK PROVISIONS

4.
In exercising its power to cancel a firm’s Part 4A permission, the Authority must have
regard to guidance published in the Handbook and in regulatory guides, such as EG.
The relevant main considerations in relation to the action specified above are set out
below.

5.
Principle 11 requires a firm to deal with its regulators in an open and co-operative
way, and to disclose to the Authority appropriately anything relating to the firm of
which the Authority would reasonably expect notice.

Relevant Rules

6.
SUP 15.5.4R requires that:

“A firm must give the [Authority] reasonable advance notice of a change in any of
the following addresses, and give details of the new address and the date of the
change:


(1)
the firm’s principal place of business in the United Kingdom;

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7.
SUP 15.5.5R(1) requires that:

“A firm must give the [Authority] reasonable advance notice of a change in any of
the following telephone numbers, and give details of the new telephone number
and the date of the change:


(1)
the number of the firm’s principal place of business in the United

Kingdom;

[…].”

Guidance concerning the suitability Threshold Condition

8.
Guidance on the suitability Threshold Condition is set out in COND.

COND 2.5 – Suitability: Paragraph 2E of Schedule 6 to the Act

9.
COND 2.5.1AUK reproduces the relevant statutory provision that a person concerned
must be a fit and proper person having regard to all the circumstances, including,
amongst other things, the need to ensure that its business is being managed in such a
way as to ensure that its affairs will be conducted in a sound and prudent manner.

10.
COND 2.5.2G states that the Authority will take into consideration anything that could
influence a firm’s continuing ability to satisfy the suitability Threshold Condition.

11.
COND 2.5.6G gives examples of the kind of particular considerations to which the
Authority may have regard when assessing whether a firm will satisfy, and continue to
satisfy, the suitability Threshold Condition, including whether:


the firm has been open and co-operative in all its dealings with the Authority and
is ready, willing and organised to comply with the requirements and standards
under the regulatory system (COND 2.5.6G(1));



the firm has contravened, amongst other things, the provisions of the regulatory
system, which include the Principles and other rules (COND 2.5.6G(4)).



OTHER RELEVANT REGULATORY PROVISIONS

12.
The Authority’s policy in relation to its enforcement powers is set out in EG, certain
provisions of which are summarised below.

Cancelling a firm’s Part 4A permission on the Authority’s own initiative

13.
EG 8.1.1(1) provides that the Authority may use its own initiative power to vary or
cancel the permission of an authorised person under section 55J of the Act, where the
person is failing or is likely to fail to satisfy the Threshold Conditions for which the
Authority is responsible.

14.
EG 8.5.1(1) states that the Authority will consider cancelling a firm’s Part 4A
permission using its own initiative power contained in section 55J of the Act in
circumstances where the Authority has very serious concerns about the firm, or the
way its business is or has been conducted.

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15.
EG 8.5.2 provides examples of the types of circumstances in which the Authority may
cancel a firm’s Part 4A permission. One such example is the failure to provide the
Authority with valid contact details or failure to maintain the details provided, such
that the Authority is unable to communicate with the firm (EG 8.5.2(6)).