FINAL NOTICE

To:

Codeway Finance Limited

Address:

85 Victoria Road


Surbiton


Surrey


KT6 4NS


FRN:

506787

Dated:

14 August 2014

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Codeway Finance Limited (“Codeway”).

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

3.
Codeway has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to Codeway.

4.
Accordingly, the Authority has today cancelled Codeway’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 Financial Conduct Authority;


“the PSR” means the Payment Services Regulations 2009;

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

“the FSA057” means the Payment Services Directive Transactions return.

REASONS FOR ACTION

5.
On the basis of the facts and matters and conclusions described in the Warning Notice
dated 18 June 2014, and in the Decision Notice, the Authority has concluded that
Codeway has failed to submit the FSA057 for the period ended 31 December 2013
(which was due to be submitted to the Authority by 31 January 2014), and to respond
adequately to repeated Authority requests that it submit the FSA057.

6.
These failings lead the Authority to conclude that Codeway has failed to comply with the
requirement that it submit the FSA057 to the Authority, and that Codeway 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. It is
therefore desirable to cancel Codeway’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 Codeway in accordance with section 390(1) of the Act (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

Publicity

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 Codeway 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.

Authority Contact

11.
For more information concerning this matter generally, please contact Rashmeet
Panesar at the Authority (direct line: 020 7066 3750).




John Kirby
Enforcement and Financial Crime Division