FINAL NOTICE

ACTION

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


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


3.
Mr Price 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 Price’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;

“the Decision Notice” means the Decision Notice issued by the Authority to Mr
Price dated 25 April 2018;

“the Overdue Balance” means the amount owed by Mr Price to the Authority of
£594.17, comprising: an invoice dated 16 March 2016 for £49.17, in respect of
periodic fees and levies, which was due for payment by 15 April 2016; an invoice
dated 13 July 2016 for £250, in respect of an administrative fee for non-
submission of a regulatory return, which was due for payment by 12 August
2016; and an invoice dated 11 August 2016 for £295 in respect of periodic fees
and levies, which was due for payment by 10 September 2016;


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

Mr Price pursuant to Part 4A of the Act;

“the Principles” means the Authority’s Principles for Businesses;

“RAG” means Regulated Activity Group as referred to in SUP;

“the Return” means the CCR007 (key data) return for the period ended 5 April
2017, which Mr Price was due to submit to the Authority by 22 May 2017;

“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 Mr
Price dated 28 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 Price is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Price is a fit and proper person having regard to all the
circumstances, including whether Mr Price managed his business in such a way as
to ensure that his affairs were conducted in a sound and prudent manner.


7.
Mr Price has failed comply with the regulatory requirement to submit the Return
and pay the Overdue Balance. Mr Price has not been open and co-operative in all
his dealings with the Authority, in that Mr Price has failed to respond to the
Authority’s repeated requests for him to submit the Return and 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 Price’s suitability, lead
the Authority to conclude that Mr Price 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.

IMPORTANT

10.
This Final Notice is given to Mr Price 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 Price 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