FINAL NOTICE

To:

AB Car Sales (Leeds) Ltd

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against ABCSLL.


2.
The Authority issued to ABCSLL the Decision Notice which notified ABCSLL that for
the reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel ABCSLL’s Part 4A permission.


3.
ABCSLL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.


4.
Accordingly, the Authority has today cancelled ABCSLL’s Part 4A permission.

AB Car Sales (Leeds) Ltd







5 October 2017

DEFINITIONS

5.
The definitions below are used in this Final Notice:

“ABCSLL” means AB Car Sales (Leeds) Ltd;


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

ABCSLL pursuant to Part 4A of the Act;

“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
ABCSLL dated 15 August 2017;

“the Overdue Balance” means the amount owed by ABCSLL to the Authority
comprising an invoice dated 22 August 2016 for £221.25 for regulatory fees and
levies for the period 1 April 2016 to 31 March 2017, which had been due for
payment by 21 September 2016;

“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;

“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
ABCSLL dated 20 July 2017.


REASONS FOR THE ACTION

6.
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 ABCSLL is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that ABCSLL is a fit and proper person having regard to all the
circumstances, including whether ABCSLL managed its business in such a way as
to ensure that its affairs were conducted in a sound and prudent manner.


7.
ABCSLL 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 ABCSLL 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 under the regulatory system.


8.
These failures, which are significant in the context of ABCSLL’s suitability, lead the
Authority to conclude that ABCSLL 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.



AB Car Sales (Leeds) Ltd







5 October 2017

DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

10.
This Final Notice is given to ABCSLL under section 55Z and in accordance with
section 390(1) of the Act.

Publicity

11.
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 ABCSLL or prejudicial to the interest of consumers.


12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Authority contact

13.
For more information concerning this matter generally, please contact Maria Lewis
at the Authority (direct line: 020 7066 0897).

John Kirby
Enforcement and Market Oversight Division