FINAL NOTICE

ACTION

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


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


3.
CFSL 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 CFSL’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;

“CFSL” means C.M.A.S Financial Services Limited;


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

CFSL pursuant to Part 4A of the Act;

“the Decision Notice” means the Decision Notice issued by the Authority to CFSL
dated 19 March 2018;

“the Overdue Balance” means the amount owed by CFSL to the Authority of £810,
comprising: an invoice dated 5 July 2017 for £250, in respect of an administrative
fee for non-submission of a regulatory return, which was due for payment by 4
August 2017; and an invoice dated 19 July 2018 for £560 in respect of periodic
fees and levies, which was due for payment by 18 August 2017;

“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;

“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 by the Authority to CFSL
dated 20 February 2018.


REASONS FOR THE 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 CFSL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that CFSL is a fit and proper person having regard to all the circumstances,
including whether CFSL managed its business in such a way as to ensure that its
affairs were conducted in a sound and prudent manner.


7.
CFSL has failed comply with the regulatory requirement to pay the Overdue
Balance. CFSL has not been open and co-operative in all its dealings with the
Authority, in that CFSL has failed to respond to the Authority’s repeated requests
for it to pay the Overdue Balance, and has thereby failed to comply with Principle
11 of the Principles and to satisfy the Authority that it is ready, willing and
organised to comply with the requirements and standards of the regulatory
system.


8.
These failures, which are significant in the context of CFSL’s suitability, lead the
Authority to conclude that CFSL 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 it 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 CFSL in accordance with section 390(1) of the Act.

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 CFSL 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).

Anna Couzens
Enforcement and Market Oversight Division