FINAL NOTICE

To:

Direct Savings (Scotland) Limited

Of:
6 Old Deans Road

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

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

3.
DSSL 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 DSSL’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;

“the Decision Notice” means the Decision Notice issued to DSSL dated 6
December 2017;

“DSSL” means Direct Savings (Scotland) Limited;


Direct Savings (Scotland) Limited

1 February 2018

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

“the Returns” means the CCR-Complaints, CCR001 (Financial Data) and CCR002
(Volumes) returns for the period ended 30 November 2016, which DSSL was due
to submit to the Authority by 16 January 2017;

“the suitability Threshold Condition” means the threshold condition stated at
parapgraph 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 to DSSL dated 14
November 2017.

REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice issued to DSSL and in the Decision Notice, it appears to the Authority that
DSSL is failing to satisfy the suitability Threshold Condition, in that the Authority
is not satisfied that DSSL is a fit and proper person having regard to all the
circumstances, including whether DSSL 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 DSSL has failed to comply with the regulatory requirement to
submit the Returns. DSSL has not been open and co-operative in all DSSL’s
dealings with the Authority, in that it has failed to respond adequately to the
Authority's repeated requests for it to submit the Returns, 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 of the regulatory system.

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

Direct Savings (Scotland) Limited

1 February 2018

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 DSSL 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 Rachel
Fasanya at the Authority (direct line: 020 7066 3202).

Anna Couzens
Enforcement and Market Oversight Division