Southwater Cars (Benjamin Hollands trading as)
Dated: 18 October 2017
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Mr Hollands.
The Authority issued to Mr Hollands the Decision Notice which notified him that
for the reasons given below and pursuant to section 55J of the Act, the Authority
had decided to cancel Mr Hollands’ Part 4A permission.
Mr Hollands has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was issued to him.
Accordingly, the Authority has today cancelled Mr Hollands’ Part 4A 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 Mr Hollands dated 31
“Mr Hollands’ Part 4A permission” means the permission granted by the Authority
to Benjamin Hollands pursuant to Part 4A of the Act;
“the Overdue Balance” means the amount owed by Mr Hollands to the Authority
totalling £471.25, comprising: an invoice for £221.25 in respect of annual fees
and levies, which was due for payment by 19 September 2015; and an invoice for
an administrative fee of £250 for non-submission of a regulatory return, which
was due for payment by 7 April 2016;
“the Principles” means the Authority’s Principles for Businesses;
“the Return” means the CCR007 (key data) return for the period ended 15
December 2016, which Mr Hollands was due to submit to the Authority by 31
“the suitability Threshold Condition” means the threshold condition stated in
Paragraph 2E of Schedule 6 to the Act;
“SUP” means the Authority’s Supervision Manual, part of the Handbook;
“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 Mr Hollands dated 3
REASONS FOR ACTION
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 Hollands is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Hollands is a fit and proper person having regard to all the
circumstances, including whether Mr Hollands managed his business in such a
way as to ensure that his affairs were conducted in a sound and prudent manner.
This is because Mr Hollands has failed to comply with the regulatory requirements
to submit the Return and pay the Overdue Balance. Mr Hollands has not been
open and co-operative in all his dealings with the Authority, in that he has failed
to respond adequately to the Authority's repeated requests for him 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 he 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 Mr Hollands’ suitability, lead
the Authority to conclude that Mr Hollands has failed to manage his business in
such a way as to ensure that his affairs are conducted in a sound and prudent
manner, that he is not a fit and proper person, and that he is therefore failing to
satisfy the Threshold Conditions in relation to the regulated activities for which Mr
Hollands 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 Mr Hollands in accordance with section 390(1) of the
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 Hollands 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 Shahida
Choudhury at the Authority (direct line: 020 7066 9546).
Enforcement and Market Oversight Division