Final Notice
On , the Financial Conduct Authority issued a Final Notice to E.A. McCarroll
1
FINAL NOTICE
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against E.A. McCarroll.
2.
The Authority issued to Mr McCarroll the Decision Notice which notified Mr McCarroll
that for the reasons given below and pursuant to section 55J of the Act, the
Authority had decided to cancel Mr McCarroll’s Part 4A permission.
3.
Mr McCarroll has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was given to him.
4.
Accordingly, the Authority has today cancelled Mr McCarroll’s Part 4A 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;
E.A. McCarroll 28 September 2022
Final Notice
2
“the Decision Notice” means the Decision Notice issued by the Authority to Mr
McCarroll dated 26 January 2021;
“Mr McCarroll’s Part 4A permission” means the permission granted by the Authority
to Mr McCarroll pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £1,135.46 owed by Mr
McCarroll to the Authority, comprising: an invoice dated 5 June 2018 of £250 which
was due for payment by 5 July 2018 for the late submission of regulatory returns;
an invoice dated 25 September 2018 for £160.69 for regulatory fees and levies for
the period 1 April 2018 to 31 March 2019, which was due for payment by 25 October
2018; an invoice dated 10 July 2019 for £474.77 for regulatory fees and levies for
the period 1 April 2019 to 31 March 2020, which was due for payment by 9 August
2019; and an invoice dated 21 October 2019 of £250 which was due for payment
by 20 November 2019 for the late submission of regulatory returns;
“the Principles” means the Authority’s Principles for Businesses;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 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 by the Authority to Mr
McCarroll dated 29 December 2020.
REASONS FOR THE ACTION
6.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that Mr McCarroll is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr McCarroll is a fit and proper person having regard to all the
circumstances, including whether Mr McCarroll managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.
7.
Mr McCarroll has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr McCarroll has failed to
respond to the Authority’s repeated requests for him to pay the Overdue Balance
and has thereby failed to comply with Principle 11 of the Principles and to satisfy
the Authority that he is ready, willing and organised to comply with the
requirements and standards of the regulatory system.
8.
These failings, which are significant in the context of Mr McCarroll’s suitability, lead
the Authority to conclude that Mr McCarroll has failed to manage his business in
such a way as to ensure that his affairs are conducted in a sound and prudent
manner, that he is not a fit and proper person, and that he is therefore failing to
satisfy the Threshold Conditions in relation to the regulated activities for which he
has had a Part 4A permission.
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.
E.A. McCarroll 28 September 2022
Final Notice
3
IMPORTANT
10.
This Final Notice is given to Mr McCarroll in accordance with section 390(1) of the
Act.
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 Mr McCarroll or prejudicial to the interest of consumers.
11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contact
12.
For more information concerning this matter generally, please contact Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Anna Couzens
Enforcement and Market Oversight Division
FINAL NOTICE
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against E.A. McCarroll.
2.
The Authority issued to Mr McCarroll the Decision Notice which notified Mr McCarroll
that for the reasons given below and pursuant to section 55J of the Act, the
Authority had decided to cancel Mr McCarroll’s Part 4A permission.
3.
Mr McCarroll has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was given to him.
4.
Accordingly, the Authority has today cancelled Mr McCarroll’s Part 4A 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;
E.A. McCarroll 28 September 2022
Final Notice
2
“the Decision Notice” means the Decision Notice issued by the Authority to Mr
McCarroll dated 26 January 2021;
“Mr McCarroll’s Part 4A permission” means the permission granted by the Authority
to Mr McCarroll pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £1,135.46 owed by Mr
McCarroll to the Authority, comprising: an invoice dated 5 June 2018 of £250 which
was due for payment by 5 July 2018 for the late submission of regulatory returns;
an invoice dated 25 September 2018 for £160.69 for regulatory fees and levies for
the period 1 April 2018 to 31 March 2019, which was due for payment by 25 October
2018; an invoice dated 10 July 2019 for £474.77 for regulatory fees and levies for
the period 1 April 2019 to 31 March 2020, which was due for payment by 9 August
2019; and an invoice dated 21 October 2019 of £250 which was due for payment
by 20 November 2019 for the late submission of regulatory returns;
“the Principles” means the Authority’s Principles for Businesses;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 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 by the Authority to Mr
McCarroll dated 29 December 2020.
REASONS FOR THE ACTION
6.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that Mr McCarroll is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr McCarroll is a fit and proper person having regard to all the
circumstances, including whether Mr McCarroll managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.
7.
Mr McCarroll has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr McCarroll has failed to
respond to the Authority’s repeated requests for him to pay the Overdue Balance
and has thereby failed to comply with Principle 11 of the Principles and to satisfy
the Authority that he is ready, willing and organised to comply with the
requirements and standards of the regulatory system.
8.
These failings, which are significant in the context of Mr McCarroll’s suitability, lead
the Authority to conclude that Mr McCarroll has failed to manage his business in
such a way as to ensure that his affairs are conducted in a sound and prudent
manner, that he is not a fit and proper person, and that he is therefore failing to
satisfy the Threshold Conditions in relation to the regulated activities for which he
has had a Part 4A permission.
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.
E.A. McCarroll 28 September 2022
Final Notice
3
IMPORTANT
10.
This Final Notice is given to Mr McCarroll in accordance with section 390(1) of the
Act.
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 Mr McCarroll or prejudicial to the interest of consumers.
11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contact
12.
For more information concerning this matter generally, please contact Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Anna Couzens
Enforcement and Market Oversight Division