FINAL NOTICE

FRN: 706525

Dated: 18 October 2017

ACTION

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

2.
The Authority issued to SAL 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 SAL’s Part 4A permission.

3.
SAL 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 SAL’s 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 SAL dated 31 August
2017;

“the Overdue Balance” means the amount owed by SAL to the Authority totalling
£395, comprising: an invoice dated 9 September 2016 for £145 in respect of
annual fees and levies due for payment by 9 October 2016; and an invoice dated
13 October 2016 for £250 for an administrative fee in respect of late submission
of the Return, which was due for payment by 12 November 2016;

“the Principles” means the Authority’s Principles for Businesses;

“the Return” means the CCR007 (key data) return for the period ended 30 June
2016, which SAL was due to submit to the Authority by 11 August 2016;

“SAL” means Saltus Automotive Limited;

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

“the suitability Threshold Condition” means the threshold condition stated 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 SAL dated 3 August

2017.

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 SAL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that SAL is a fit and proper person having regard to all the circumstances,
including whether SAL 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 SAL has failed to comply with the regulatory requirements to
submit the Return and pay the Overdue Balance. SAL has not been open and co-
operative in all its dealings with the Authority, in that it has failed to respond
adequately to the Authority's repeated requests for it to submit the Return and
pay the Overdue Balance, 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.

8.
These failures, which are significant in the context of SAL’s suitability, lead the
Authority to conclude that SAL 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 SAL has had a
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 SAL in accordance with section 390(1) of the Act.

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 SAL 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.

13.
For more information concerning this matter generally, please contact Shahida
Choudhury at the Authority (direct line: 020 7066 9546).

John Kirby
Enforcement and Market Oversight Division