FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Abacus Transfers Limited (“Abacus”).

2.
The Authority gave Abacus a Decision Notice on 19 June 2014 (the “Decision Notice”)
which notified Abacus that for the reasons given below and pursuant to Regulation
10(1)(h) of the PSR, the Authority had decided to cancel the registration granted to
Abacus as a small payment institution under the PSR.

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

4.
Accordingly, the Authority has today cancelled Abacus’ registration as a small payment
institution.

DEFINITIONS

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

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

“the Authority” means the Financial Conduct Authority;

“the PSR” means the Payment Services Regulations 2009;

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

“the FSA057” means the Payment Services Directive Transactions return.

REASONS FOR ACTION

5.
On the basis of the facts and matters and conclusions described in the Warning Notice
dated 22 May 2014, and in the Decision Notice, the Authority has concluded that
Abacus has failed to submit the FSA057 for the period ended 31 December 2013 (which
was due to be submitted to the Authority by 31 January 2014), and to respond
adequately to repeated Authority requests that it submit the FSA057.

6.
These failings lead the Authority to conclude that Abacus has failed to comply with the
requirement that it submit the FSA057 to the Authority, and that Abacus has failed to
demonstrate a readiness and willingness to comply with its ongoing regulatory
obligations and to deal with the Authority in an open and co-operative way. It is
therefore desirable to cancel Abacus’ registration as a small payment institution in order
to protect the interests of consumers, in accordance with Regulation 10(1)(h) of the
PSR (as applied by Regulation 14).

DECISION MAKER

7.
The decision which gave rise to the obligation to give this Final Notice was made by the
Regulatory Decisions Committee.

IMPORTANT

8.
This Final Notice is given to Abacus in accordance with section 390(1) of the Act (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

Publicity

9.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of Part 1
of Schedule 5 of the PSR) apply to the publication of information about the matter to
which this Final Notice relates. Under those provisions, 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 Abacus or
prejudicial to the interests of consumers.

10.
The Authority intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.

Authority Contact

11.
For more information concerning this matter generally, please contact Evan Cheminais
at the Authority (direct line: 020 7066 7232).

John Kirby
Enforcement and Financial Crime Division