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NOTICE OF DECISION

To:


A.S. TRACTORS (SCOTLAND) LTD

Dated:

7 September 2023

ACTION

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


2.
The effect of the cancellation is that ASTSL 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;

“ASTSL” means A.S. TRACTORS (SCOTLAND) LTD;

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

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;


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“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;

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

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

“the Notice” means the notice issued by the Authority to ASTSL dated 29 June 2023;

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

“RAG” means regulated activity group as referred to in SUP;

“the Returns” means the CCR007 return in relation to the periods ending 30 November 2020
30 November 2021 and 30 November 2022 which were due for submission on 14 January
2021, 14 January 2022 and 16 January 2023; and

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


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

FACTS AND MATTERS

4.
ASTSL was authorised by the Authority on 21 March 2019 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.
Under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, ASTSL is required to
submit the Returns to the Authority by the relevant due date. However, ASTSL has failed to
submit the Returns to the Authority. The Authority therefore considers that ASTSL has failed
to provide information to the Authority as is required by the Handbook, namely the information
it is required to provide in the Returns. In addition, under SUP 16.10.4R, 16.10.4AR and
16.10.14AAR, ASTSL is required to submit the FDA to the Authority by the relevant due date.
However, ASTSL has failed to submit the FDA to the Authority.


6.
The Authority therefore considers ASTSL has failed to provide information to the authority as
is required by the Handbook, namely the information it is required to provide in the Returns
and the FDA. There are no other matters that suggest ASTSL is carrying out regulated activities.

7.
On 29 June 2023, the Authority gave ASTSL the Notice which stated that:

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

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

8.
ASTSL 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 ASTSL the
Further Notice which stated that:

a) the Authority considered that ASTSL is carrying on no regulated activity to which its

Part 4A permission relates; and


b) the Authority proposes to cancel ASTSL’s Part 4A permission on 7 September 2023

unless ASTSL takes the steps specified in the directions to the Further Notice.

10.
ASTSL 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 ASTSL is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel ASTSL’s Part 4A
permission. The cancellation of ASTSL’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 ASTSL 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 ASTSL is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice
of Decision, ASTSL may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.


15.
ASTSL must submit a completed application for an annulment of the Authority’s decision to the
Authority by 6 September 2024 and in the manner specified by the Authority.

The Tribunal

16.
ASTSL 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, ASTSL should contact Diluar Khan
(direct line: 020 7066 5953).

Jeremy Parkinson
Enforcement and Market Oversight Division