FINAL NOTICE

ACTION

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


2.
The Authority issued to EIL the Decision Notice which notified EIL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel EIL’s Part 4A permission.


3.
EIL 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 EIL’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;

“the Decision Notice” means the Decision Notice issued by the Authority to EIL
dated 21 September 2017;

“EIL” means Eco-Insulation Ltd;


“EIL’s Part 4A permission” means the permission granted by the Authority to EIL

pursuant to Part 4A of the Act;

“the Overdue Balance” means the amount owed by EIL to the Authority
comprising an invoice dated 22 September 2016 for £363.33 for regulatory fees
and levies for the period 1 April 2016 to 31 March 2017, which had been due for
payment by 22 October 2016;

“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 EIL
dated 24 August 2017.


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 EIL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that EIL is a fit and proper person having regard to all the circumstances,
including whether EIL managed its business in such a way as to ensure that its
affairs were conducted in a sound and prudent manner.


7.
EIL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that EIL has failed to respond to
the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles 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 EIL’s suitability, lead the
Authority to conclude that EIL 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 it 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 EIL under section 55Z and 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 EIL 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 Maria Lewis
at the Authority (direct line: 020 7066 0897).

Anna Couzens
Enforcement and Market Oversight Division