FINAL NOTICE

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the PSR, the Authority has decided to cancel the registration
granted to Abdul Majeed as a small payment institution under the PSR.

2.
The Authority gave Abdul Majeed a Decision Notice on 20 June 2013 (“the
Decision Notice”) which notified him 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 Abdul Majeed as a small payment institution under the
PSR.

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

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

DEFINITIONS

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

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

“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct
Authority;

“the PSR” means the Payment Services Regulations 2009;

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

REASONS FOR THE ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice dated 15 May 2013, and in the Decision Notice, the Authority has
concluded that Abdul Majeed has failed to pay fees and levies owed to the
Authority totalling £710.00, and has failed to respond adequately to the
Authority’s repeated requests that he does so. These failings lead the Authority to
conclude that Abdul Majeed has failed to demonstrate a readiness and willingness
to comply with his ongoing regulatory obligations and to deal with the Authority
in an open and co-operative way. Therefore it is desirable to cancel Abdul
Majeed’s 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 Abdul Majeed in accordance with section 390(1) of
the Act (as applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

9.
Section 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 Abdul Majeed 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.

3

11.
For more information concerning this matter generally, please contact Amar
Unadkat at the Authority (direct line: 0207 066 7182).

John Kirby
Enforcement and Financial Crime Division