FINAL NOTICE

ACTION

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the PSR, the Authority has cancelled CVS’ registration.

2.
The Authority gave CVS the Decision Notice which notified it 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 CVS as a small payment institution
under the PSR.

3.
CVS 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 CVS’ registration.

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;

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“CVS” means CVS Technologies Limited;

“CVS’ registration” means the registration granted to CVS as a small payment
institution under the PSR;

“the Decision Notice” means the Decision Notice issued to CVS on 24 July 2015;

“the Overdue Balance” means the amount owed by CVS to the Authority totalling
£445.00 in respect of periodic fees and levies, which had been due for payment by 17
September 2014;

“the PSR” means the Payment Services Regulations 2009;

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

“the Warning Notice” means the Warning Notice issued to CVS on 1 July 2015.


REASONS FOR THE ACTION

6.
The facts and matters and conclusions described in the Warning Notice, and in the
Decision Notice, set out that CVS has failed to pay the Overdue Balance, and to
respond adequately to the Authority’s repeated requests that it pays the Overdue
Balance. These failings lead the Authority to conclude that CVS 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. Therefore
it is desirable to cancel CVS’ 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 CVS in accordance with section 390(1) of the Act (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

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 CVS 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.

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11.
For more information concerning this matter generally, please contact Rashmeet
Panesar at the Authority (direct line: 0207 066 3750).

John Kirby
Enforcement and Market Oversight Division