Final Notice

On , the Financial Conduct Authority issued a Final Notice to Cult Racing Limited

FINAL NOTICE

Dated: 29 June 2016


ACTION

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

2.
The Authority issued to CRL 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 CRL’s permission.

3.
CRL 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 CRL’s 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;

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

“the Decision Notice” means the Decision Notice issued to CRL dated 13 May
2016;

“the Return” means the CCR007 return for the period ended 31 August 2015,
which CRL was due to submit to the Authority by 12 October 2015;

“the suitability Threshold Condition” means the Threshold Condition set out in
paragraph 2E of Schedule 6 of the Act;

“the Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act; and

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

REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in its Warning
Notice issued to CRL dated 22 April 2016 and in the Decision Notice, it appears to
the Authority that CRL is failing to satisfy the suitability Threshold Condition, in
that the Authority is not satisfied that CRL is a fit and proper person having
regard to all the circumstances, including whether CRL managed its business in
such a way as to ensure that its affairs were conducted in a sound and prudent
manner.

7.
This is because CRL has failed to comply with the regulatory requirement to
submit the Return. CRL has not been open and co-operative in all its dealings
with the Authority, in that CRL has failed to respond adequately to the Authority's
repeated requests for it to submit the Return, and has thereby failed to comply
with Principle 11 of the Authority's Principles for Businesses and to satisfy the
Authority 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 CRL’s suitability, lead the
Authority to conclude that CRL 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 CRL has had a
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 CRL 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 CRL 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 Jade
Flaherty at the Authority (direct line: 020 7066 2072).

John Kirby
Enforcement and Market Oversight Division


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