FINAL NOTICE

To:

Bayliss & Company (Financial Services) Limited

1.
ACTION

1.1.
For the reasons given in this notice, the Authority hereby cancels the Part 4A

permission of Bayliss & Company (Financial Services) Limited (“Bayliss”).

2.
SUMMARY OF REASONS

2.1.
Since 7 August 2014, the sole approved person and director of Bayliss has been

Clive Rosier (“Mr Rosier”).

2.2.
The Authority gave Bayliss a Decision Notice on 23 May 2013 which notified it

that the Authority had decided to cancel its Part 4A permission pursuant to

section 55J of the Financial Services and Markets Act 2000 (“the Act”). On the

same date, the Authority gave Mr Rosier a Decision Notice notifying him that it

had decided to prohibit him from carrying out any controlled function involving

the exercise of significant influence over any person in relation to any regulatory

activity carried on by any authorised person. The Authority had concluded that

Bayliss was failing to satisfy the appropriate resources threshold condition set out

in paragraph 2D of Schedule 6 of the Act and the suitability threshold condition

set out in paragraph 2E of Schedule 6.

2.3.
On 21 June 2013, Bayliss referred this Decision Notice to the Upper Tribunal (Tax

and Chancery Chamber) (“the Tribunal”). The written decision of the Tribunal was

released on 21 May 2015 and can be found on the Tribunal’s website at:

2.4.
The Tribunal dismissed the reference made by Bayliss. The Tribunal also

dismissed Mr Rosier’s reference in respect of the Authority’s decision to make a

prohibition order against Mr Rosier, and the decision to withdraw the significant

influence approvals granted to Mr Rosier at Bayliss.

2.5.
Bayliss and Mr Rosier applied for permission from the Court of Appeal to appeal

against the decision of the Tribunal. By an order dated 27 January 2016, the

Court of Appeal denied that permission having considered Bayliss and Mr Rosier’s

written submissions. Bayliss and Mr Rosier then applied for an oral hearing of

that application. On 14 March 2017, the Court of Appeal refused Bayliss and Mr

Rosier’s application for permission to appeal.

2.6.
Accordingly, the Authority has prohibited Mr Rosier from performing any

significant influence functions and withdrawn his significant influence functions at

Bayliss.

2.7.
As Mr Rosier’s approvals to perform these controlled functions have been

withdrawn and he is prohibited from conducting significant influence functions,

Bayliss is therefore failing to satisfy the threshold conditions set out in paragraph

2D of Schedule 6 of the Act in that it does not have appropriate human resources

in relation to the regulated activities it carries on. Accordingly, the Authority has

cancelled the Part 4A permission of Bayliss.

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3.
PROCEDURAL MATTERS

Statutory requirement for this notice

3.1.
This Final Notice is given under, and in accordance with, section 390 of the Act.

3.2.
Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of

information about the matter to which this notice relates. Under those

provisions, the Authority must publish such information about the matter to which

this 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 Bayliss or prejudicial to the interests of consumers

or detrimental to the stability of the UK financial system.

3.3.
The Authority intends to publish such information about the matter to which this

Final Notice relates as it considers appropriate.

Authority contacts

3.4.
For more information concerning this matter generally, contact Kate Tuckley

(direct line: 020 7066 7086) of the Enforcement and Market Oversight Division of

the Authority.

Financial Conduct Authority, Enforcement and Market Oversight Division