FINAL NOTICE

To:
Asset Trust Group (Paul Hammond trading as)

Dated:
7 August 2018

ACTION

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



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


3.
Mr Hammond 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 Mr Hammond’s Part 4A permission.

Asset Trust Group (Paul Hammond trading as) 7 August 2018
Final Notice
Page 2

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 Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to Mr Hammond dated
18 April 2018;


“Mr Hammond’s Part 4A permission” means the permission granted by the

Authority to Mr Hammond pursuant to Part 4A of the Act;

“the Overdue Balance” means the amount owed by Mr Hammond to the Authority
comprising: an invoice for administrative fee of £250 for late submission of a
regulatory return, which had been due for payment by 11 August 2016; an invoice
for regulatory fees and levies of £1,265.39, which had been due for payment by 17
September 2016; and an invoice for administrative fee of £250 for late submission
of a regulatory return, which had been due for payment by 4 February 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 Mr Hammond dated 20
March 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 Mr Hammond is
failing to meet the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Hammond is a fit and proper person having regard to all the
circumstances, including whether Mr Hammond managed his business in such a
way as to ensure that his affairs were conducted in a sound and prudent manner.


7.
Mr Hammond has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr Hammond has failed
to respond to the Authority’s repeated requests for him to pay the Overdue
Balance, and has thereby failed to comply with Principle 11 of the Principles and to
satisfy the Authority that he 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 Mr Hammond’s suitability,
lead the Authority to conclude that Mr Hammond has failed to manage his business
in such a way as to ensure that his affairs are conducted in a sound and prudent
manner, that he is not a fit and proper person, and that he is therefore failing to
satisfy the Threshold Conditions in relation to the regulated activities for which he
was granted a Part 4A permission.




Asset Trust Group (Paul Hammond trading as) 7 August 2018
Final Notice
Page 3

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 Mr Hammond 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 Mr Hammond 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