12 Endeavour Square
London
E20 1JN

Tel: +44 (0)20 7066 1000
Fax: +44 (0)20 7066 1099
www.fca.org.uk

NOTICE OF DECISION

Dated:
7 October 2024

ACTION

1. The Authority has decided to cancel the Firm’s Part 4A permission.

2. The Authority has taken this action because, based on the facts and matters set out below, it

considers that the Firm is carrying on no regulated activity to which the Firm’s Part 4A permission
relates.

3. The cancellation takes effect on the date of this Notice of Decision. The effect of the cancellation

is that the Firm no longer has permission to carry on any regulated activities.

DEFINITIONS

4. The definitions below are used in this Notice of Decision (and in the Annex):

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

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“FDA” means the Firm Details Attestation which Authority-authorised firms are required to submit
to the Authority under SUP 16.10;

“the Firm” means Berganza Limited;

“the Firm’s Part 4A permission” means the Part 4A permission granted by the Authority to the
Firm;

“the Further Notice” means the Further notice given by the Authority to the Firm dated 5
September 2024;

“the Handbook” means the Authority’s Handbook of rules and guidance;

“the Notice” means the notice given by the Authority to the Firm dated 10 July 2024;

“Part 4A permission” means permission to conduct regulated activities, granted by the Authority
under Part 4A of the Act;

“SUP” means the Supervision Manual, part of the Handbook; and

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

FACTS AND MATTERS

5. The Firm was authorised by the Authority on 21 January 2021 and has a Part 4A permission to

conduct the following regulated activities in relation to consumer credit business:

(a)
agreeing to carry on a regulated activity;

(b)
credit broking;

(c)
debt adjusting; and

(d)
debt-counselling.

6. Information submitted to the Authority by the Firm in regulatory returns for the period 1

September 2021 to 31 August 2023 shows that the Firm is not carrying on any regulated activities
for which it holds a Part 4A permission. There are no other matters that suggest the Firm is
carrying on regulated activities.

7. Under SUP 16.10.4R, 16.10.4AR and 16.10.4AAR, the Firm is required to submit the FDA to the

Authority by the relevant due date. However, the Firm has failed to submit the FDA to the
Authority.

8. On 10 July 2024, the Authority gave the Firm the Notice which stated that:

(a) it appears to the Authority that the Firm is carrying on no regulated activity to

which its Part 4A permission relates; and

(b) the Authority may take action to cancel the Firm’s Part 4A permission unless it

responds to the Notice in the manner specified in the directions to the Notice.

9. The Firm failed to respond in the manner specified in the directions to the Notice.

10. As a result of the matters specified above, on 5 September 2024, the Authority gave the Firm

the Further Notice which stated that:

(a) the Authority considered that the Firm is carrying on no regulated activity to which

its Part 4A permission relates; and

(b) the Authority proposes to cancel the Firm’s Part 4A permission unless the Firm

takes the steps specified in the directions to the Further Notice.

11. The Firm failed to take the steps specified in the Further Notice.

CANCELLATION OF PART 4A PERMISSION

12. From the facts and matters described above and having regard to paragraph 1(3) of Schedule

6A to the Act, the Authority considers that the Firm is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel the Firm’s Part 4A
permission. The cancellation of the Firm’s Part 4A permission takes effect on the date of this
Notice of Decision.

13. The statutory and regulatory provisions relevant to this Notice of Decision are set out in the

Annexes.

PROCEDURAL MATTERS

14. This Notice of Decision is given to the Firm under paragraph 3 of Schedule 6A to the Act (variation

or cancellation of Part 4A permission on initiative of FCA: additional power).

The following paragraphs are important.

Annulment of the Authority’s decision

15. If the Firm is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice

of Decision, the Firm may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.

16. The Firm must submit a completed application for an annulment of the Authority's decision to the

Authority by 6 October 2025 and in the manner specified by the Authority.

The Tribunal

17. The Firm does not have a right to refer the decision to give this Notice of Decision to the Tribunal.

18. The Authority intends to publish such information about the matter to which this Notice of

Decision relates as the Authority considers appropriate. The information may be published in such
manner as the Authority considers appropriate.

19. For more information concerning this matter generally, the Firm should contact Ogechi

Chigbo (direct line: 0207 066 4827).

Dawn Browne
Enforcement and Market Oversight Division

ANNEX ON CANCELLATION OF PART 4A PERMISSION

ON INITIATIVE OF FCA: ADDITIONAL POWER

RELEVANT STATUTORY PROVISIONS

1. The Authority’s operational objectives established in section 1B of the Act include protecting and

enhancing the integrity of the UK financial system and securing an appropriate degree of
protection for consumers.

2. The Authority is authorised by paragraphs 1(1) and (2) of Schedule 6A to the Act to cancel an

Authority-authorised person’s Part 4A permission, if it appears to the Authority that the Authority-
authorised person is carrying on no regulated activity to which the permission relates.

3. Paragraph 1(3) of Schedule 6A of the Act provides that the circumstances in which the Authority

may form the view that an Authority-authorised person is carrying on no regulated activity include
(but are not limited to) circumstances where the person fails—

(b) to provide such information to the Authority as is required by the Handbook.

4. The Authority must exercise its power to cancel an Authority–authorised person’s Part 4A

permission using its additional own initiative power in accordance with the procedure set out in
paragraph 2 of Schedule 6A to the Act.

RELEVANT HANDBOOK PROVISIONS

5. In exercising its power to cancel an Authority–authorised person’s Part 4A permission, the

Authority must have regard to the regulatory requirements and guidance published in the
Handbook and in regulatory guides, such as EG. The main considerations relevant to the action
stated in this Notice of Decision are set out below.

Relevant Rules

6. SUP 16.10.4R specifies that:

“(1) Within 60 business days of its accounting reference date, a firm must check the
accuracy of its firm details through the relevant section of the [Authority] website.

(3) If any of the details are incorrect, the firm must submit the corrected firm details
to the [Authority] using the appropriate form set out in SUP 15 Ann 3 and in accordance
with SUP 16.10.4AR.”

7. SUP 16.10.4AR(1) specifies that:

“A firm must submit any corrected firm details under SUP 16.10.4R(3) using the
appropriate online systems accessible through the [Authority’s] website.”

8. SUP 16.10.4AAR, which applies where, in complying with SUP 16.10.4R(1), a firm does not need

to submit corrected firm details under SUP 16.10.4R(3), specifics that:

“(2) Within 60 business days of its accounting reference date, a firm must submit a
report to the [Authority] confirming that the firm details which it has checked under
SUP 16.10.4R(1) remain accurate, using the appropriate online systems accessible
through the [Authority’s] website.”

Guidance concerning the use of the Authority’s additional power to cancel an
authorised firm’s Part 4A permission on its own initiative

9. Guidance on the use of the Authority’s power to cancel an Authority-authorised person’s Part 4A

permissions on its own initiative under Schedule 6A to the Act is set out in SUP and EG.

10. EG 8.5.2A states that the Authority may cancel the Part 4A permission of a firm that is an

Authority-authorised person, under Schedule 6A of the Act, if:

(1) it appears to the Authority that the firm is carrying on no regulated activity to

which the permission relates; and

(2) the firm has failed to respond as directed by the Authority to notices served by the

Authority to the firm under paragraph 2 of Schedule 6A.

11. EG 8.5.2A also states that Schedule 6A specifies that the Authority may form the view that a firm

is carrying on no such regulated activity on the basis of its failure to provide information to the
Authority, in each case as required by the Handbook.

12. SUP sets out further guidance on the Authority’s power under Schedule 6A of the Act. In

particular, SUP 7.2.2AG states that the Authority may decide to cancel an Authority-authorised
person’s Part 4A permission using its powers under Schedule 6A of the Act:

(1) if that person appears to the Authority not to be carrying on any regulated activity
to which the permission relates, including, without restriction, if the person has failed
to:

(b) provide the Authority with information required under the Handbook; and

(2) if that person, when served by the Authority with two notices under paragraph 2

of Schedule 6A of the Act, has not:

(a) responded in the manner directed, in those notices or otherwise, by the

Authority; nor

(b) taken other steps as may also be directed by the Authority;

the second of which notices will specify the effective date of the proposed
cancellation.

13. SUP 7.2.2CG states that, apart from the circumstances described in SUP 7.2.2AG(1), the

Authority may also form the view, under Schedule 6A of the Act, that a firm is no longer

conducting any regulated activity to which its permission relates in light of, without
restriction:

(1) one or more reports, provided to the Authority by the firm, under SUP 16 or

otherwise, indicating that it is no longer doing so.

14. SUP 7.2.2DG states that:

(1) the Authority’s additional own-initiative variation power under Schedule 6A to the

Act (which includes the power to cancel the Part 4A permission of an Authority-
authorised firm under Schedule 6A of the Act and references to “additional own-
initiative variation power in the remainder of this Notice of Decision should be read
as such) has, unlike the Authority’s own-initiative variation power under section
55J of the Act, a single basis: that it appears to the Authority that the relevant
Authority-authorised person is not carrying on any regulated activity to which its
Part 4A permission relates.

(2) if the Authority uses its additional own-initiative variation power, it is therefore

more likely to cancel the relevant firm’s Part 4A permission, rather than merely
varying it by removing or amending the description of one or more such activities
or by imposing one or more limitations.

(3) the Authority will, however, consider all relevant facts and circumstances,

including, without restriction:

(a) the relevant firm’s responses, if any, to the notices given by the Authority

under paragraph 2 of Schedule 6A; and

(b) if applicable, the factors described in SUP 6.4.22G, including whether there

are any matters relating to the firm requiring investigation,

before deciding whether to use its additional own-initiative variation power and whether to
use it to cancel or vary.

15. SUP 7.2.7G(1) states that a firm has no right of referral to the Tribunal in respect of the Authority

exercising its additional own-initiative variation power, under Schedule 6A to the Act, on the
Authority-authorised firm’s Part 4A permission.