FINAL NOTICE

ACTION

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

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

3.
Ballooner 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 Ballooner’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;

“the Authority” means the Financial Conduct Authority;

“Ballooner” means Ballooner Limited;

“Ballooner’s Part 4A permission” means the permission granted by the Authority to
Ballooner pursuant to Part 4A of the Act;

“the Decision Notice” means the Decision Notice issued by the Authority to Ballooner
dated 29 October 2019;

“the Overdue Balance” means the outstanding sum of £577.78, owed by Ballooner
to the Authority comprising an invoice dated 2 August 2017 for £250 (which was
due for payment by 1 September 2017) for a late submission of a regulatory return,
which had been due to be submitted by 13 June 2017; and an invoice dated 10
August 2018 for £327.78 (which was due for payment by 9 September 2018) for
regulatory fees and levies for the period 1 April 2018 to 31 March 2019;

“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 by the Authority to Ballooner
dated 24 September 2019.


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


7.
Ballooner 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 Ballooner 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 Ballooner’s suitability, lead
the Authority to conclude that Ballooner 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 has had a
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 Ballooner 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 Ballooner 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).

Martin Butcher
Enforcement and Market Oversight Division