FINAL NOTICE

ACTION

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

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

3.
C & C has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was issued to it.

4.
Accordingly, the Authority has today cancelled C & C’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;

“C & C” means C & C Car Sales Buckingham Ltd;


C & C Car Sales Buckingham Ltd






12 November 2020

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

“the Decision Notice” means the Decision Notice issued to C & C dated 30 July
2020;

“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;

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



“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 given to C & C dated 2 July 2020.

REASONS FOR 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 C & C is failing
to satisfy the Effective Supervision Threshold Condition, in that C & C has failed to
respond to the Authority’s attempted communications and therefore is not capable
of being effectively supervised by the Authority, having regard to all the
circumstances.

7.
C & C has not provided information to demonstrate that it is ready, willing and
organised to comply with the requirements and standards under the regulatory
system.

8.
These failures, which are significant in the context of the Authority’s ability to
supervise C & C effectively, lead the Authority to conclude that C & C has failed to
manage its business in such a way as to ensure that its affairs are conducted in a
sound and prudent manner, that it is not a fit and proper person, and that it is
therefore failing to satisfy the Threshold Conditions in relation to the regulated
activities for which C & C 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 C & C in accordance with section 390(1) of the Act.

C & C Car Sales Buckingham Ltd






12 November 2020

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 C & C 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 Yasmin
Moore at the Authority (direct line: 020 7066 5439).

Anna Couzens
Enforcement and Market Oversight Division