Dated: 3 November 2017
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Woodston.
The Authority issued to Woodston 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 Woodston’s Part 4A permission.
Woodston has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was issued to it.
Accordingly, the Authority has today cancelled Woodston’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 to Woodston dated 12
“the Return” means the CCR007 return for the period ended 30 November 2016,
which Woodston was due to submit to the Authority by 16 January 2017;
“the suitability Threshold Condition” means the Threshold Condition set out 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);
“the Warning Notice” means the Warning Notice issued to Woodston dated 16
“Woodston” means Woodston Limited; and
“Woodston’s Part 4A permission” means the permission granted by the Authority
to Woodston pursuant to Part 4A of the Act.
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 Woodston is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Woodston is a fit and proper person having regard to all the
circumstances, including whether Woodston managed its business in such a way
as to ensure that its affairs were conducted in a sound and prudent manner.
This is because Woodston has failed to comply with the regulatory requirement to
submit the Return. Woodston has not been open and co-operative in all its
dealings with the Authority, in that Woodston has failed to respond adequately to
the Authority's repeated requests for it to submit the Return, 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.
These failures, which are significant in the context of Woodston’s suitability, lead
the Authority to conclude that Woodston 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 Woodston
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 Woodston 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 Woodston 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 Rachel
Fasanya at the Authority (direct line: 020 7066 3202).
Enforcement and Market Oversight Division