FINAL NOTICE

ACTION

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


2.
The Authority gave BCS the Decision Notice, which notified BCS that, for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel the permission granted to BCS under Part 4A of the Act.


3.
BCS 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 BCS’s Part 4A permission.


DEFINITIONS

5.
The definitions below are used in this Final Notice (and in the Annex):

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

“the Authority” means the Financial Conduct Authority;

“BCS” means Bishop Car Sales Limited;

“BCS’s Part 4A permission” means the permission granted by the Authority to
BCS pursuant to Part 4A of the Act;

“the Decision Notice” means the Decision Notice issued to BCS on 11 January
2017;

“EG” means the Authority’s Enforcement Guide;

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

“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;


“SUP” means the section of the Authority’s Handbook entitled ‘Supervision
Manual’;

“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 BCS on 20 December
2016.

RELEVANT STATUTORY PROVISIONS

6.
The statutory and regulatory provisions relevant to this Final Notice are set out in
the Annex.


SUMMARY OF THE REASONS

7.
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 BCS is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that BCS is a fit and proper person having regard to all the circumstances.


8.
BCS has failed to notify the Authority of a change in the address and telephone
number of its principal place of business and has failed to deal openly and co-
operatively with the Authority (in not providing up-to-date contact details).

FACTS AND MATTERS

9.
BCS was authorised by the Authority on 19 August 2015 to conduct consumer
credit business.

10.
Correspondence sent by the Authority on 19 October and 15 November 2016 to
the postal address last notified by BCS to the Authority as BCS’s principal place of
business was returned to the Authority with the annotations “addressee
unknown” and “address incomplete” respectively.


11.
Correspondence sent by the Authority on 19 October and 15 November 2016 to
the email address last notified by BCS to the Authority was returned as
undeliverable.


12.
The Authority attempted to contact BCS on 12 October and 15 November 2016 on
the last telephone number BCS provided to the Authority. The Authority was
unable to connect the call as the telephone number was disconnected.


13.
Accordingly, it appears to the Authority that BCS has failed to notify the Authority
of a change in the address and telephone number for its principal place of
business.

FAILINGS

14.
As set out in the facts and matters described above, the Authority has made
repeated unsuccessful attempts to contact BCS using the postal address, email
address and telephone number held by the Authority in relation to BCS.


15.
The Authority has concluded, on the basis of the facts and matters described
above, that:

a. BCS has failed to notify the Authority of a change in the address and

telephone number of its principal place of business contrary to SUP 15.5.4R(1)
and SUP 15.5.5R(1) respectively;

b. BCS has failed to deal openly and co-operatively with the Authority in breach

of Principle 11 (Relations with regulators) of the Principles (in not providing
up-to-date contact details);

c. BCS has not demonstrated that it is ready, willing and organised to comply

with the requirements and standards under the regulatory system, namely the
requirements in SUP 15.5.4R(1) and SUP 15.5.5R(1) to give the Authority
reasonable advance notice of a change in the firm’s principal place of business
and telephone number, and the date of the change;

d. BCS has therefore failed to satisfy the Authority that its business is being

managed in such a way as to ensure that its affairs will be conducted in a
sound and prudent manner or that it is a fit and proper person having regard
to all the circumstances; and

e. BCS is therefore failing to satisfy the suitability Threshold Condition in relation

to its permitted regulated activities,

and accordingly, BCS’s Part 4A permission should be cancelled.

DECISION MAKER

16.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

17.
This Final Notice is given to BCS in accordance with section 390(1) of the Act.

Publicity

18.
The Authority must publish such information about 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 information would, in the opinion of the Authority, be
unfair to BCS or prejudicial to the interests of consumers.


19.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.


Authority Contact

20.
For more information concerning this matter generally, BCS should contact Janan
Akkad at the Authority (direct line: 0207 066 0230).

John Kirby
Enforcement and Market Oversight Division































RELEVANT STATUTORY PROVISIONS

1.
Section 55J(1) of the Act provides that the Authority may cancel a firm’s Part 4A
permission where, amongst other things—

“it appears to the [Authority] that—

(a)
[the firm] is failing, or is likely to fail, to satisfy the threshold

conditions …;

2.
The suitability Threshold Condition provides:

“[The firm] must be a fit and proper person having regard to all the
circumstances, including—

[…]

(d)
whether
[the
firm]
has
complied
and
is
complying
with

requirements imposed by the [Authority] in the exercise of its
functions, or requests made by the [Authority], relating to the
provision of information to the [Authority] and, where [the firm]
has so complied or is so complying, the manner of that compliance;

[…]

(f)
whether [the firm's] business is being, or is to be, managed in such
a way as to ensure that its affairs will be conducted in a sound and
prudent manner

[…].”

RELEVANT HANDBOOK PROVISIONS

3.
In exercising its power to cancel a Part 4A permission, the Authority must have
regard to guidance published in the Handbook. The relevant main considerations
in relation to the action specified above are set out below.

Relevant Principle

4.
Principle 11 (Relations with regulators) of the Principles (PRIN 2.1.1R) provides:

“A firm must deal with [the Authority] in an open and cooperative way,

and must disclose to [the Authority] appropriately anything relating to the

firm of which [the Authority] would reasonably expect notice.”

Relevant Rules

5.
SUP 15.5.4R provides:

“A firm must give the [Authority] reasonable advance notice of a change in
any of the following addresses, and give details of the new address and the
date of the change:


(1)
the firm’s principal place of business in the United Kingdom;

6.
SUP 15.5.5R provides:

“A firm must give the [Authority] reasonable advance notice of a change in
any of the following telephone numbers, and give details of the new telephone
number and the date of the change:


(1)
the number of the firm’s principal place of business in the United

Kingdom;

[…].”

Guidance concerning the suitability Threshold Condition

7.
Guidance on the suitability Threshold Conditions is set out in COND 2.5.


8.
COND 2.5.2G states that the Authority will take into consideration anything that
could influence a firm’s continuing ability to satisfy the threshold conditions set
out in paragraph 2E of Schedule 6 to the Act.

9.
COND 2.5.6G states that examples of the kind of particular considerations to
which the Authority may have regard when assessing whether a firm will satisfy,
and continue to satisfy, the suitability Threshold Condition include whether:


the firm has been open and co-operative in all its dealings with the
Authority and is ready, willing and organised to comply with the
requirements and standards under the regulatory system (COND
2.5.6G(1));


the firm has contravened, amongst other things, the provisions of the
regulatory system, which include the Principles and other rules (COND
2.5.6G(4)).



OTHER RELEVANT REGULATORY PROVISIONS

10.
The Authority’s policy in relation to its enforcement powers is set out in EG,
certain provisions of which are summarised below.

Cancelling a firm’s Part 4A permission on the Authority’s own initiative

11.
EG 8.5.1(1) states that the Authority will consider cancelling a firm’s Part 4A

permission using its own initiative power contained in section 55J of the Act in
circumstances where the Authority has very serious concerns about the firm, or
the way its business is or has been conducted.

12.
EG 8.5.2 provides examples of the types of circumstances in which the Authority
may cancel a Part 4A permission. One such example is the failure to provide the
Authority with valid contact details or failure to maintain the details provided,
such that the Authority is unable to communicate with the firm (EG 8.5.2(6)).