FINAL NOTICE

To:
Bangla Express Limited

ACTION

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


2.
The Authority issued to BEL the Decision Notice which notified BEL 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 BEL as an SPI under
the PSR.


3.
BEL 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 BEL’s registration as an SPI.

DEFINITIONS

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

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

Bangla Express Limited

24 November 2016

“the Authority” means the Financial Conduct Authority;

“BEL” means Bangla Express Limited (which was registered by the Authority on
15 December 2010 as an SPI);

“the Decision Notice” means the Decision Notice issued to BEL on 22 September

2016;

“the Overdue Balance” means the amount owed by BEL to the Authority
comprising an invoice dated 29 July 2015 for £478 for regulatory fees and levies
for the period 1 April 2015 to 31 March 2016, which was due for payment by 28
August 2015;

“the PSR” means the Payment Services Regulations 2009;


“SPI” means Small Payment Institution; and

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

REASONS FOR THE ACTION

6.
BEL has failed to pay the Overdue Balance and to respond adequately to repeated
Authority requests that it pay the Overdue Balance. On 6 October 2016, BEL sent
to the Authority a payment of £178, which the Authority returned to BEL on 3
November 2016.


7.
These failings lead the Authority to conclude that BEL has failed to demonstrate a
readiness and willingness to comply with its ongoing regulatory obligations which
include dealing with the Authority in an open and co-operative way. It is therefore
desirable to cancel BEL’s registration as an SPI 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

8.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

9.
This Final Notice is given to BEL in accordance with the Act (as applied by
paragraph 7(c) of Part 1 of Schedule 5 of the PSR).

Publicity

10.
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 BEL or prejudicial to the interests of consumers.


11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Bangla Express Limited

24 November 2016

Authority contact

12.
For more information concerning this matter generally, please contact Funmi Ojo
at the Authority (direct line: 020 7066 1354).

John Kirby
Enforcement and Market Oversight Division