FINAL NOTICE

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the PSR, the Authority has decided to cancel the registration
granted to Best Value 4 U Limited (“Best Value”) as a small payment institution under
the PSR (“Best Value’s registration”).

2.
The Authority gave Best Value a Decision Notice on 9 April 2014 (“the Decision
Notice”) which notified it 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
Best Value as a small payment institution under the PSR.

3.
Best Value 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 Best Value’s registration as a small
payment institution.

DEFINITIONS

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

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


“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct Authority;


2

“the PSR” means the Payment Services Regulations 2009;

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

REASONS FOR THE ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice given to Best Value dated 19 March 2014, and in the Decision Notice, the
Authority has concluded that Best Value has failed to pay fees and levies totalling
£675 owed to the Authority, £230 of which had been due for payment by 30 May
2013 and £445 of which had been due for payment by 28 August 2013, and to
respond adequately to the Authority’s repeated requests that it pays the fees and
levies. These failings lead the Authority to conclude that Best Value has failed to
demonstrate a readiness and willingness to comply with its ongoing regulatory
obligations and to deal with the Authority in an open and co-operative way. Therefore
it is desirable to cancel Best Value’s registration as a small payment institution 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

7.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

IMPORTANT

8.
This Final Notice is given to Best Value in accordance with section 390(1) of the Act
(as applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

9.
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 Best Value or
prejudicial to the interests of consumers.

10.
The Authority intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.

11.
For more information concerning this matter generally, please contact Evan
Cheminais at the Authority (direct line: 0207 066 7232).

John Kirby
Enforcement and Financial Crime Division