FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Credit-2Go Limited.

2.
The Authority (the body corporate previously known as the Financial Services
Authority and renamed on 1 April 2013 as the Financial Conduct Authority) gave
Credit-2Go Limited a Decision Notice on 2 October 2013 (the “Decision Notice”)
which notified Credit-2Go Limited that for the reasons given below and pursuant
to Regulation 10(1)(h) of the Payment Services Regulations 2009 (the “PSR”),
the Authority had decided to cancel the registration granted to Credit-2Go Limited
as a small payment institution under the PSR.

3.
Credit-2Go Limited has not referred the matter to the Upper Tribunal (Tax and
Chancery Chamber) within 28 days of the date on which the Decision Notice was
given to Credit-2Go Limited.

4.
Accordingly, the Authority has today cancelled Credit-2Go Limited’s registration
as a small payment institution.

REASONS FOR ACTION

5.
On the basis of the facts and matters and conclusions described in the Warning
Notice dated 9 September 2013 (the “Warning Notice”), and in the Decision
Notice, the Authority has concluded that Credit-2Go Limited has failed to submit
the Payment Services Directive Transactions return (the “FSA057”), for the period
ended 31 December 2012 (which was due to be submitted to the Authority by 31
January 2013), and to respond adequately to repeated Authority requests that it
submit the FSA057.

6.
These failings lead the Authority to conclude that Credit-2Go Limited has failed to
comply with the requirement that it submit the FSA057 to the Authority, that
Credit-2Go Limited has failed to demonstrate a readiness and willingness to
comply with its ongoing regulatory obligations and has failed to deal with the
Authority in an open and co-operative way. It is therefore desirable to cancel
Credit-2Go Limited’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.

8.
This Final Notice is given to Credit-2Go Limited in accordance with section 390(1)
of the Financial Services and Markets Act 2000 (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 Credit-2Go Limited 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 Sarah
Brewer at the Authority (direct line: 020 7066 8886).

John Kirby
Enforcement and Financial Crime Division