12 Endeavour Square
London
E20 1JN

Tel: +44 (0)20 7066 1000
Fax: +44 (0)20 7066 1099
www.fca.org.uk

NOTICE OF DECISION

To:
EV POWER LTD

ACTION

1. The Authority has decided to cancel the Firm’s Part 4A permission.

2. The Authority has taken this action because, based on the facts and matters set out

below, it considers that the Firm is carrying on no regulated activity to which the Firm’s
Part 4A permission relates.

3. The cancellation takes effect on the date of this Notice of Decision. The effect of the

cancellation is that the Firm no longer has permission to carry on any regulated
activities.

DEFINITIONS

4. The definitions below are used in this Notice of Decision (and in the Annex):

“the Act” means the Financial Services and Markets Act 2000;

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“the Firm” means EV POWER LTD;

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

“the Further Notice” means the Further notice given by the Authority to the Firm dated
31 Jul 2024;

“the Handbook” means the Authority’s Handbook of rules and guidance;

“the Notice” means the notice given by the Authority to the Firm dated 12 Jul 2024;

“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;

“SUP” means the Supervision Manual, part of the Handbook; and

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).

FACTS AND MATTERS

5. The Firm was authorised by the Authority on 29 Jan 2021 and has a Part 4A permission

to conduct the following regulated activities in relation to credit broking business:

i.
agreeing to carry on a regulated activity;

ii.
credit broking;

iii.
debt adjusting; and

iv.
debt-counselling.

6. Information submitted to the Authority by the Firm in regulatory returns for the period

1 Aug 2021 to 31 Jul 2023 shows that the Firm is not carrying on any regulated
activities for which it holds a Part 4A permission. There are no other matters that
suggest the Firm is carrying on regulated activities.

7. On 12 Jul 2024, the Authority gave the Firm the Notice which stated that:

(a) it appears to the Authority that the Firm is carrying on no regulated

activity to which its Part 4A permission relates; and

(b) the Authority may take action to cancel the Firm’s Part 4A permission

unless it responds to the Notice in the manner specified in the directions
to the Notice.

8. The Firm failed to respond to the Notice.
9. As a result of the matters specified above, on 31 Jul 2024, the Authority gave the Firm

the Further Notice which stated that:

(a) the Authority considered that the Firm is carrying on no regulated

activity to which its Part 4A permission relates; and

(b) the Authority proposes to cancel the Firm’s Part 4A permission on 22

Aug 2024 unless the Firm takes the steps specified in the directions to
the Further Notice.

10. The Firm failed to take the steps specified in the Further Notice.

CANCELLATION OF PART 4A PERMISSION

11. From the facts and matters described above, the Authority considers that the Firm is

carrying on no regulated activity to which its Part 4A permission relates. The Authority

has therefore decided to cancel the Firm’s Part 4A permission. The cancellation of the
Firm’s Part 4A permission takes effect on the date of this Notice of Decision.

12. The statutory and regulatory provisions relevant to this Notice of Decision are set out

in the Annexes.

PROCEDURAL MATTERS

13. This Notice of Decision is given to the Firm under paragraph 3 of Schedule 6A to the

Act (variation or cancellation of Part 4A permission on initiative of FCA: additional
power).

The following paragraphs are important.

Annulment of the Authority’s decision

14. If the Firm is aggrieved by the decision to cancel its Part 4A permission as set out in

this Notice of Decision, the Firm may make an application for an annulment of the
Authority’s decision under paragraph 4 of Schedule 6A to the Act.

15. The Firm must submit a completed application for an annulment of the Authority's

decision to the Authority by 21 Aug 2025 and in the manner specified by the
Authority.

The Tribunal

16. The Firm does not have a right to refer the decision to give this Notice of Decision to

the Tribunal.

17. The Authority intends to publish such information about the matter to which this Notice

of Decision relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate.

18. For more information concerning this matter generally, the Firm should contact Joe

Collinge (direct line: 0207 066 1673).

Jeremy Parkinson
Enforcement and Market Oversight Division

ANNEX ON CANCELLATION OF PART 4A PERMISSION

ON INITIATIVE OF FCA: ADDITIONAL POWER

RELEVANT STATUTORY PROVISIONS

1. The Authority’s operational objectives established in section 1B of the Act include

protecting and enhancing the integrity of the UK financial system and securing an
appropriate degree of protection for consumers.

2. The Authority is authorised by paragraphs 1(1) and (2) of Schedule 6A to the Act to

cancel an Authority-authorised person’s Part 4A permission, if it appears to the
Authority that the Authority-authorised person is carrying on no regulated activity to
which the permission relates.

3. The Authority must exercise its power to cancel an Authority–authorised person’s Part

4A permission using its additional own initiative power in accordance with the
procedure set out in paragraph 2 of Schedule 6A to the Act.

RELEVANT HANDBOOK PROVISIONS

4. In exercising its power to cancel an Authority–authorised person’s Part 4A permission,

the Authority must have regard to the regulatory requirements and guidance published
in the Handbook and in regulatory guides, such as EG. The main considerations
relevant to the action stated in this Notice of Decision are set out below.

Guidance concerning the use of the Authority’s additional power to cancel
an authorised firm’s Part 4A permission on its own initiative

5. Guidance on the use of the Authority’s power to cancel an Authority-authorised

person’s Part 4A permissions on its own initiative under Schedule 6A to the Act is set
out in SUP and EG.

6. EG 8.5.2A states that the Authority may cancel the Part 4A permission of a firm that

is an Authority-authorised person, under Schedule 6A of the Act, if:

(1) it appears to the Authority that the firm is carrying on no regulated

activity to which the permission relates; and

(2) the firm has failed to respond as directed by the Authority to notices

served by the Authority to the firm under paragraph 2 of Schedule 6A.

7. EG 8.5.2A also states that Schedule 6A specifies that the Authority may form the view

that a firm is carrying on no such regulated activity on the basis of its failure to provide
information to the Authority, in each case as required by the Handbook.

8. SUP sets out further guidance on the Authority’s power under Schedule 6A of the Act.

In particular, SUP 7.2.2AG states that the Authority may decide to cancel an Authority-
authorised person’s Part 4A permission using its powers under Schedule 6A of the Act:

(1) if that person appears to the Authority not to be carrying on any regulated activity
to which the permission relates:

(2) if that person, when served by the Authority with two notices under

paragraph 2 of Schedule 6A of the Act, has not:

(a) responded in the manner directed, in those notices or otherwise,

by the Authority; nor

(b) taken other steps as may also be directed by the Authority;

the second of which notices will specify the effective date of the
proposed cancellation.

9. SUP 7.2.2CG states that, apart from the circumstances described in SUP 7.2.2AG(1),

the Authority may also form the view, under Schedule 6A of the Act, that a firm is no
longer conducting any regulated activity to which its permission relates in light of,
without restriction:

(1) one or more reports, provided to the Authority by the firm, under SUP

16 or otherwise, indicating that it is no longer doing so.

10. SUP 7.2.2DG states that:

(1) the Authority’s additional own-initiative variation power under Schedule

6A to the Act (which includes the power to cancel the Part 4A permission
of an Authority-authorised firm under Schedule 6A of the Act and
references to “additional own-initiative variation power in the remainder
of this Notice of Decision should be read as such) has, unlike the
Authority’s own-initiative variation power under section 55J of the Act, a
single basis: that it appears to the Authority that the relevant Authority-
authorised person is not carrying on any regulated activity to which its
Part 4A permission relates.

(2) if the Authority uses its additional own-initiative variation power, it is

therefore more likely to cancel the relevant firm’s Part 4A permission,
rather than merely varying it by removing or amending the description
of one or more such activities or by imposing one or more limitations.

(3) the
Authority
will,
however,
consider
all
relevant
facts
and

circumstances, including, without restriction:

(a) the relevant firm’s responses, if any, to the notices given by the

Authority under paragraph 2 of Schedule 6A; and

(b) if applicable, the factors described in SUP 6.4.22G, including

whether there are any matters relating to the firm requiring
investigation,

before deciding whether to use its additional own-initiative variation power and
whether to use it to cancel or vary.

11. SUP 7.2.7G(1) states that a firm has no right of referral to the Tribunal in respect of

the Authority exercising its additional own-initiative variation power, under Schedule
6A to the Act, on the Authority-authorised firm’s Part 4A permission.