NOTICE OF DECISION

To:
AP PAPER SUPPLIES LIMITED

ACTION

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

2.
The effect of the cancellation is that APPS 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;

“APPS” means AP PAPER SUPPLIES LIMITED;

4.

5.

6.

7.

FACTS AND MATTERS

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

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“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 APPS dated 16
October 2023;

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

“the Notice” means the notice issued by the Authority to APPS dated 14 July 2023;

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

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

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

APPS was authorised by the Authority on 30 January 2015 and has Part 4A permission to
conduct the following regulated activities:

a) agreeing to carry on a regulated activity;
b) credit broking;
c) debt adjusting;
d) debt-counselling;
e) entering into Regulated Consumer Hire Agreements as owner; and
f) exercising or having the right to exercise the owner’s rights and duties under a regulated
consumer hire agreement.

APPS submitted regulatory returns to the Authority for the periods 1 October 2019 to 30
September 2022 which show that APPS has not generated any income from the regulated
activities it is permitted to carry on. There are no other matters that suggest APPS is carrying
on regulated activities.

In addition, under SUP 16.10.4R, 16.10.4AR and 16.10.4AAR, APPS is required to submit the
FDA to the Authority by the relevant due date. However, APPS has failed to submit the FDA to
the Authority. The Authority therefore considers that APPS has failed to provide information to
the Authority as is required by the Handbook, namely the information it is required to provide
in the FDA.

On 14 July 2023, the Authority gave APPS the Notice which stated that:

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

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

8.
APPS failed to respond in the manner specified in the directions to the Notice.

9.
As a result of the matters specified above, on 16 October 2023, the Authority gave APPS the
Further Notice which stated that:

a) the Authority considered that APPS is carrying on no regulated activity to which its Part
4A permission relates; and

b) the Authority proposes to cancel APPS’s Part 4A permission on 13 November 2023
unless APPS takes the steps specified in the directions to the Further Notice.

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

15.
APPS must submit a completed application for an annulment of the Authority’s decision to the
Authority by 12 November 2024 and in the manner specified by the Authority.

The Tribunal

16.
APPS 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, APPS should contact Ogechi Chigbo
(direct line: 020 7066 0160).

Jeremy Parkinson
Enforcement and Market Oversight Division