Final Notice
On , the Financial Conduct Authority issued a Final Notice to Fast Lane Motors NI
1
NOTICE OF DECISION
To:
Fast Lane Motors NI
ACTION
1.
For the reasons given below, the Authority has decided to cancel FLMNI’s Part 4A permission.
The cancellation takes effect on the date of this Notice of Decision.
2.
The effect of the cancellation is that FLMNI no longer has permission to carry on any regulated
activities.
DEFINITIONS
3.
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;
Fast Lane Motors NI
14 September 2023
Notice of Decision
2
“EG” means the Enforcement Guide;
“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;
“FEES” means the Authority’s FEES Manual, part of the Handbook;
“FLMNI” means Fast Lane Motors NI;
“FLMNI’s Part 4A permission” means the Part 4A permission granted by the Authority to
FLMNI;
“FSCS” means the Financial Services Compensation Scheme;
“the Further Notice” means the further notice issued by the Authority to FLMNI dated 15
August 2023;
“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the IML levy” means the Illegal Money Lending levy;
“the Notice” means the notice issued by the Authority to FLMNI dated 13 July 2023;
“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;
“RAG” means regulated activity group as referred to in SUP;
“the Returns” means the CCR007 relating to the period from 27 September 2019 to 26
September 2022 which were due for submission on various dates between 6 November 2020
and 7 November 2022;
“SFGB Levy” means the Single Financial Guidance Body Levy;
“SUP” means the Supervision Manual, part of the Handbook; and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).
FACTS AND MATTERS
4.
FLMNI was authorised by the Authority on 28 February 2016 and given a Part 4A permission
to conduct the following regulated activities in relation to consumer credit:
i.
agreeing to carry on a regulated activity;
ii.
credit broking;
iii.
debt adjusting; and
iv.
debt-counselling.
Fast Lane Motors NI
14 September 2023
Notice of Decision
3
5.
FLMNI failed to pay periodic fees and levies owed to the Authority as required under the
Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R, 7A.3.1R and
13.2.1R. In particular FLMNI has failed to pay:
(a)
an invoice dated 8 September 2020 for periodic fees and levies of £160.33 which had
been due for payment by 7 December 2020;
(b)
an invoice dated 17 September 2021 for periodic fees and levies of £305.30 which
had been due for payment by 16 December 2021; and
(c)
an invoice dated 31 August 2022 for periodic fees and levies of £408.24 which had
been due for payment by 30 September 2022.
6.
In addition, under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, FLMNI is
required to submit the Returns to the Authority by the relevant due date. However, FLMNI has
failed to submit the Returns to the Authority. Furthermore, under SUP 16.10.4R, 16.10.4AR
and 16.10.14AAR, FLMNI is required to submit the FDA to the Authority by the relevant due
date. However, FLMNI has failed to submit the FDA to the Authority.
7.
The Authority therefore considers that FLMNI has failed to provide information to the Authority
as is required by the Handbook, namely the information it is required to provide in the Returns
and the FDA. There are no other matters that suggest FLMNI is carrying on regulated activities.
8.
On 13 July 2023, the Authority gave FLMNI the Notice which stated that:
(a)
it appears to the Authority that FLMNI is carrying on no regulated activity to which its
Part 4A permission relates; and
(b)
the Authority may take action to cancel FLMNI’s Part 4A permission unless it responds to
the Notice in the manner specified in the directions to the Notice.
9.
FLMNI failed to respond to the Notice.
10.
As a result of the matters specified above, on 15 August 2023, the Authority gave FLMNI the
Further Notice which stated that:
a) the Authority considered that FLMNI is carrying on no regulated activity to which its Part
4A permission relates; and
b) the Authority proposes to cancel FLMNI’s Part 4A permission on 14 September 2023
unless FLMNI takes the steps specified in the directions to the Further Notice.
11.
FLMNI failed to take the steps specified in the Further Notice.
CANCELLATION OF PART 4A PERMISSION
12.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that FLMNI is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel FLMNI’s Part 4A
permission. The cancellation of FLMNI’s Part 4A permission takes effect on the date of this
Notice of Decision.
Fast Lane Motors NI
14 September 2023
Notice of Decision
13.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.
PROCEDURAL MATTERS
14.
This Notice of Decision is given to FLMNI 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
15.
If FLMNI is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice
of Decision, FLMNI may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.
16.
FLMNI must submit a completed application for an annulment of the Authority’s decision to the
Authority by 13 September 2024 and in the manner specified by the Authority.
The Tribunal
17.
FLMNI does not have a right to refer the decision to give this Notice of Decision to the Tribunal.
18.
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.
19.
For more information concerning this matter generally, FLMNI should contact Maria Lewis
(direct line: 0207 066 0897).
Jeremy Parkinson
Enforcement and Market Oversight Division
NOTICE OF DECISION
To:
Fast Lane Motors NI
ACTION
1.
For the reasons given below, the Authority has decided to cancel FLMNI’s Part 4A permission.
The cancellation takes effect on the date of this Notice of Decision.
2.
The effect of the cancellation is that FLMNI no longer has permission to carry on any regulated
activities.
DEFINITIONS
3.
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;
Fast Lane Motors NI
14 September 2023
Notice of Decision
2
“EG” means the Enforcement Guide;
“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;
“FEES” means the Authority’s FEES Manual, part of the Handbook;
“FLMNI” means Fast Lane Motors NI;
“FLMNI’s Part 4A permission” means the Part 4A permission granted by the Authority to
FLMNI;
“FSCS” means the Financial Services Compensation Scheme;
“the Further Notice” means the further notice issued by the Authority to FLMNI dated 15
August 2023;
“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the IML levy” means the Illegal Money Lending levy;
“the Notice” means the notice issued by the Authority to FLMNI dated 13 July 2023;
“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;
“RAG” means regulated activity group as referred to in SUP;
“the Returns” means the CCR007 relating to the period from 27 September 2019 to 26
September 2022 which were due for submission on various dates between 6 November 2020
and 7 November 2022;
“SFGB Levy” means the Single Financial Guidance Body Levy;
“SUP” means the Supervision Manual, part of the Handbook; and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).
FACTS AND MATTERS
4.
FLMNI was authorised by the Authority on 28 February 2016 and given a Part 4A permission
to conduct the following regulated activities in relation to consumer credit:
i.
agreeing to carry on a regulated activity;
ii.
credit broking;
iii.
debt adjusting; and
iv.
debt-counselling.
Fast Lane Motors NI
14 September 2023
Notice of Decision
3
5.
FLMNI failed to pay periodic fees and levies owed to the Authority as required under the
Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R, 7A.3.1R and
13.2.1R. In particular FLMNI has failed to pay:
(a)
an invoice dated 8 September 2020 for periodic fees and levies of £160.33 which had
been due for payment by 7 December 2020;
(b)
an invoice dated 17 September 2021 for periodic fees and levies of £305.30 which
had been due for payment by 16 December 2021; and
(c)
an invoice dated 31 August 2022 for periodic fees and levies of £408.24 which had
been due for payment by 30 September 2022.
6.
In addition, under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, FLMNI is
required to submit the Returns to the Authority by the relevant due date. However, FLMNI has
failed to submit the Returns to the Authority. Furthermore, under SUP 16.10.4R, 16.10.4AR
and 16.10.14AAR, FLMNI is required to submit the FDA to the Authority by the relevant due
date. However, FLMNI has failed to submit the FDA to the Authority.
7.
The Authority therefore considers that FLMNI has failed to provide information to the Authority
as is required by the Handbook, namely the information it is required to provide in the Returns
and the FDA. There are no other matters that suggest FLMNI is carrying on regulated activities.
8.
On 13 July 2023, the Authority gave FLMNI the Notice which stated that:
(a)
it appears to the Authority that FLMNI is carrying on no regulated activity to which its
Part 4A permission relates; and
(b)
the Authority may take action to cancel FLMNI’s Part 4A permission unless it responds to
the Notice in the manner specified in the directions to the Notice.
9.
FLMNI failed to respond to the Notice.
10.
As a result of the matters specified above, on 15 August 2023, the Authority gave FLMNI the
Further Notice which stated that:
a) the Authority considered that FLMNI is carrying on no regulated activity to which its Part
4A permission relates; and
b) the Authority proposes to cancel FLMNI’s Part 4A permission on 14 September 2023
unless FLMNI takes the steps specified in the directions to the Further Notice.
11.
FLMNI failed to take the steps specified in the Further Notice.
CANCELLATION OF PART 4A PERMISSION
12.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that FLMNI is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel FLMNI’s Part 4A
permission. The cancellation of FLMNI’s Part 4A permission takes effect on the date of this
Notice of Decision.
Fast Lane Motors NI
14 September 2023
Notice of Decision
13.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.
PROCEDURAL MATTERS
14.
This Notice of Decision is given to FLMNI 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
15.
If FLMNI is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice
of Decision, FLMNI may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.
16.
FLMNI must submit a completed application for an annulment of the Authority’s decision to the
Authority by 13 September 2024 and in the manner specified by the Authority.
The Tribunal
17.
FLMNI does not have a right to refer the decision to give this Notice of Decision to the Tribunal.
18.
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.
19.
For more information concerning this matter generally, FLMNI should contact Maria Lewis
(direct line: 0207 066 0897).
Jeremy Parkinson
Enforcement and Market Oversight Division