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NOTICE OF DECISION

ACTION

1.
For the reasons given below, the Authority has decided to cancel Stayway Limited’s Part 4A
permission. The cancellation takes effect on the date of this Notice of Decision.


2.
The effect of the cancellation is that Stayway Limited no longer has permission to carry on any
regulated activities.


DEFINITIONS

3.
The definitions below are used in this Notice of Decision (and in the Annex):

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

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“FEES” means the Authority’s FEES Manual, part of the Handbook;

“FSCS” means the Financial Services Compensation Scheme;

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“the Further Notice” means the further notice issued by the Authority to Stayway Limited
dated 10 August 2023;

“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;

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

“the IML levy” means the Illegal Money Lending levy;

“the Notice” means the notice issued by the Authority to Stayway Limited dated 6 July 2023;

“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;

“SFGB Levy” means the Single Financial Guidance Body Levy;

“Stayway Limited’s Part 4A permission” means the Part 4A permission granted by the
Authority to Stayway Limited;

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


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

FACTS AND MATTERS

4.
Stayway Limited was authorised by the Authority on 31 March 2017 and given a Part 4A
permission to conduct the following regulated activities in relation to consumer credit business:

i. agreeing to carry on regulated activity; and
ii. credit broking.

5.
Stayway Limited submitted regulatory returns to the Authority for the periods 1 June 2021 to
31 May 2023 which show that Stayway Limited has not generated any income from the
regulated activities it is permitted to carry on.


6.
In addition, Stayway Limited failed to pay periodic fees and levies owed to the Authority as
required under the Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R,
6.7.3R, 7A.3.1R and 13.2.1R. In particular, Stayway Limited has failed to pay an invoice dated
6 September 2022 for periodic fees and levies, which was partially paid with a remaining
amount of £208.24 which had been due for payment by 6 October 2022. There are no other
matters that suggest Stayway Limited is carrying on regulated activities.

7.
On 6 July 2023, the Authority gave Stayway Limited the Notice which stated that:

(a)
it appears to the Authority that Stayway Limited is carrying on no regulated activity to
which its Part 4A permission relates; and

(b)
the Authority may take action to cancel Stayway Limited’s Part 4A permission unless it
responds to the Notice in the manner specified in the directions to the Notice.

8.
Stayway Limited failed to respond to the Notice.

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9.
As a result of the matters specified above, on 10 August 2023, the Authority gave Stayway
Limited the Further Notice which stated that:

a) the Authority considered that Stayway Limited is carrying on no regulated activity to

which its Part 4A permission relates; and


b) the Authority proposes to cancel Stayway Limited’s Part 4A permission on 11 September

2023 unless Stayway Limited takes the steps specified in the directions to the Further
Notice.

10.
Stayway Limited failed to take the steps specified in the Further Notice.

CANCELLATION OF PART 4A PERMISSION

11.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that Stayway Limited is carrying on no regulated activity
to which its Part 4A permission relates. The Authority has therefore decided to cancel Stayway
Limited’s Part 4A permission. The cancellation of Stayway Limited’s Part 4A permission takes
effect on the date of this Notice of Decision.


12.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.

PROCEDURAL MATTERS



13.
This Notice of Decision is given to Stayway Limited under paragraph 3 of Schedule 6A to the
Act (variation or cancellation of Part 4A permission on initiative of FCA: additional power).


The following paragraphs are important.

Annulment of the Authority’s decision

14.
If Stayway Limited is aggrieved by the decision to cancel its Part 4A permission as set out in
this Notice of Decision, Stayway Limited may make an application for an annulment of the
Authority’s decision under paragraph 4 of Schedule 6A to the Act.


15.
Stayway Limited must submit a completed application for an annulment of the Authority’s
decision to the Authority by 10 September 2024 and in the manner specified by the Authority.

The Tribunal

16.
Stayway Limited does not have a right to refer the decision to give this Notice of Decision to
the Tribunal.


17.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.

18.
For more information concerning this matter generally, Stayway Limited should contact Diluar
Khan (direct line: 020 7066 5953).

Jeremy Parkinson
Enforcement and Market Oversight Division