FINAL NOTICE

To:

Barot Bros (Bhupatsinh Barot trading as)

ACTION

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



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


3.
Mr Barot 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 Barot’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;


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“the Authority” means the Financial Conduct Authority;


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

Mr Barot pursuant to Part 4A of the Act;

“the Decision Notice” means the Decision Notice issued to Mr Barot dated 11 July
2018;

“the Overdue Balance” means the amount owed by Mr Barot to the Authority of £395
comprising: an invoice for administrative fee of £250 for late submission of a
regulatory return, which had been due for payment by 12 August 2016; and an
invoice for regulatory fees and levies of £145, which had been due for payment by 9
October 2016;

“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 Barot dated 13 June
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 Barot is failing
to meet the suitability Threshold Condition, in that the Authority is not satisfied that
Mr Barot is a fit and proper person having regard to all the circumstances, including
whether Mr Barot managed his business in such a way as to ensure that his affairs
were conducted in a sound and prudent manner.


7.
Mr Barot 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 Barot 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 Barot’s suitability, lead the
Authority to conclude that Mr Barot 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.


DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

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IMPORTANT

10.
This Final Notice is given to Mr Barot 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 Barot 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