FINAL NOTICE

Address:

Portsmouth Technopole


102 Kingston Crescent


North End


Portsmouth


PO2 8FA





FRN:

552239


Dated:

24 June 2015

ACTION

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

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

3.
EDS 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 EDS’ 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 to EDS on 15 May 2015;

“EDS” means EDS Insure Limited;

“EDS’ Part 4A permission” means the permission granted by the Authority to EDS
under the Act;

“the Overdue Balance” means the amount owed to the Authority totalling
£1,881.16 in respect of periodic fees and levies, which had been due for payment
by 27 August 2014;

“the Principles” means the Authority’s Principles for Businesses;

“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 EDS on 31 March 2015.

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

7.
EDS 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 EDS 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 lead the Authority to conclude that EDS 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 EDS 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 EDS 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 EDS 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 Rashmeet
Panesar at the Authority (direct line: 020 7066 3750).






John Kirby
Enforcement and Market Oversight Division