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 cancelled Badruzzaman Choudhury’s
registration.

2.
The Authority gave Badruzzaman Choudhury 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 Badruzzaman Choudhury
as a small payment institution under the PSR.

3.
Badruzzaman Choudhury 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
Badruzzaman
Choudhury’s
registration.

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;

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“the Decision Notice” means the Decision Notice issued to Badruzzaman Choudhury
on 9 July 2015;



“Badruzzaman
Choudhury’s
registration”
means
the
registration
granted
to
Badruzzaman Choudhury as a small payment institution under the PSR;


“the Overdue Balance” means the amount owed by Badruzzaman Choudhury to the
Authority totalling £445.00 in respect of periodic fees and levies, which had been due
for payment by 17 September 2014;


“the PSR” means the Payment Services Regulations 2009;

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

“the Warning Notice” means the Warning Notice issued to Badruzzaman Choudhury
on 15 June 2015.

REASONS FOR THE ACTION

6.
The facts and matters and conclusions described in the Warning Notice, and in the
Decision Notice, set out that Badruzzaman Choudhury has failed to pay the Overdue
Balance, and to respond adequately to the Authority’s repeated requests that he pays
the Overdue Balance. These failings lead the Authority to conclude that Badruzzaman
Choudhury 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 Badruzzaman Choudhury’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 Badruzzaman Choudhury 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.
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 Badruzzaman
Choudhury 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.

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11.
For more information concerning this matter generally, please contact Rashmeet
Panesar at the Authority (direct line: 0207 066 3750).

John Kirby
Enforcement and Market Oversight Division