For the reasons set out in this Final Notice, the Authority hereby takes the following
action against SVSL.
The Authority issued to SVSL the Decision Notice which notified SVSL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel SVSL’s Part 4A permission.
SVSL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.
Accordingly, the Authority has today cancelled SVSL’s 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 by the Authority to SVSL
dated 17 June 2020;
“the Overdue Balance” means the outstanding sum of £327.78, owed by SVSL to
the Authority for annual fees and levies for the period 1 April 2018 to 31 March
2019, which was due for payment by 18 October 2018;
“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;
“SVSL” means Summit Vehicle Solutions Ltd;
“SVSL’s Part 4A permission” means the permission granted by the Authority to SVSL
pursuant to Part 4A of 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 by the Authority to SVSL
dated 20 May 2020.
REASONS FOR THE 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 SVSL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that SVSL is a fit and proper person having regard to all the circumstances,
including whether SVSL managed its business in such a way as to ensure that its
affairs were conducted in a sound and prudent manner.
SVSL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that SVSL has failed to respond
to the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
These failures, which are significant in the context of SVSL’s suitability, lead the
Authority to conclude that SVSL 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 it 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 SVSL 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 SVSL 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Enforcement and Market Oversight Division