FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Financial Services Authority (the
“FSA”) hereby takes the following action against Equifund Limited.

2.
The FSA gave Equifund Limited a Decision Notice on 21 March 2012 (the “Decision
Notice”), which notified Equifund Limited that, for the reasons given below and
pursuant to section 45 of the Financial Services and Markets Act 2000 (the “Act”), the
FSA had decided to cancel the permission granted to Equifund Limited under Part IV
of the Act (“Equifund Limited’s Part IV permission”).

3.
Equifund Limited has not referred the matter to the Upper Tribunal (Tax and
Chancery Division) within 28 days of the date on which the Decision Notice was
given to it.

4.
Accordingly, the FSA has today cancelled Equifund Limited’s Part IV permission.


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23 April 2012
Final Notice

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REASONS FOR ACTION

5.
By a First Supervisory Notice dated 9 February 2012, Equifund Limited’s Part IV
permission was varied by removing all regulated activities with immediate effect. A
copy of the First Supervisory Notice, by which the FSA removed all regulated
activities from Equifund Limited’s Part IV permission, is displayed on the FSA’s
website.

6.
On the basis of the facts and matters and conclusions described in the Warning Notice
issued to Equifund Limited dated 9 February 2012, and in the Decision Notice, it
appears to the FSA that it is no longer necessary to keep Equifund Limited’s Part IV
permission in force and that the FSA must cancel it, following the variation action
removing all regulated activities.

7.
In addition to its obligation to cancel Equifund Limited’s Part IV permission, it
appears to the FSA that Equifund Limited is also failing to satisfy the threshold
conditions set out in Schedule 6 to the Act (the "Threshold Conditions").

8.
This is because Equifund Limited has failed to:

• pay fees and levies totalling £1,891.22 owed to the FSA; and

• submit the Retail Mediation Activities Returns for the periods ended 31
October 2010, 30 April 2011 and 31 October 2011;

despite repeated FSA requests that it does so.

9.
These failings, which are significant in the context of Equifund Limited’s suitability,
lead the FSA to conclude that Equifund Limited is not conducting its business
soundly and prudently and in compliance with proper standards and that it is not a fit
and proper person, and that Equifund Limited is therefore failing to satisfy the
Threshold Conditions in relation to the regulated activities for which it has had Part
IV permission.

DECISION MAKER

10.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

11.
This Final Notice is given to Equifund Limited in accordance with section 390(1) of
the Act.

PUBLICITY

12.
Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information
about the matter to which this Final Notice relates. Under those provisions, the FSA
must publish such information about the matter to which this Final Notice relates as
the FSA considers appropriate. The information may be published in such manner as
the FSA considers appropriate. However, the FSA may not publish information if

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23 April 2012
Final Notice

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such publication would, in the opinion of the FSA, be unfair to Equifund Limited or
prejudicial to the interests of consumers.

13.
The FSA intends to publish this Final Notice and such information about the matter to
which this Final Notice relates as it considers appropriate.



FSA CONTACT

14.
For more information concerning this matter generally, please contact Kathryn Willis
at the FSA (direct line: 020 7066 2098 / fax: 020 7066 2099).





John Kirby
FSA Enforcement and Financial Crime Division