FINAL NOTICE

Dated:
7 August 2018

ACTION

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



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


3.
AIML 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 AIML’s Part 4A permission.

DEFINITIONS

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

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

“AIML” means Armstrong Investment Managers LLP;

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

AIML pursuant to Part 4A of the Act;

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to AIML dated 5 June 2018;

“the Overdue Balance” means the amount owed by AIML to the Authority of
£3,022.11 comprising: an invoice for administrative fee of £250 for late submission
of a regulatory return, which had been due for payment by 17 May 2017; an
invoice for administrative fee of £250 for late submission of a regulatory return,
which had been due for payment by 31 May 2017; an invoice for regulatory fees
and levies of £2,272.11, which had been due for payment by 21 September 2017;
and an invoice for administrative fee of £250 for late submission of a regulatory
return, which had been due for payment by 27 July 2017;

“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 to AIML dated 9 May 2018.

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


7.
AIML 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 AIML 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 of the regulatory system.


8.
These failures, which are significant in the context of AIML’s suitability, lead the
Authority to conclude that AIML 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 was granted a Part 4A
permission.


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 AIML 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 AIML 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 Funmi Ojo at
the Authority (direct line: 020 7066 1354).

Anna Couzens
Enforcement and Market Oversight Division