___________________________________________________________________________

FINAL NOTICE
___________________________________________________________________________

To:
F D Express Commercial Services Limited

Of:


44 Lordship Lane



Tottenham



London



N17 8NS





FSA Reference
Number:

511976


Dated:

25 July 2012


ACTION

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

2.
The FSA gave F D Express Commercial Services Limited a Decision Notice on 22
June 2012 (the “Decision Notice”) which notified F D Express Commercial Services
Limited that for the reasons given below and pursuant to Regulation 10(1)(h) of the
Payment Services Regulations 2009 (the “PSR”), the FSA had decided to cancel the
registration granted to F D Express Commercial Services Limited as a small payment
institution under the PSR.

3.
F D Express Commercial Services Limited has not referred the matter to the Upper
Tribunal (Tax and Chancery Chamber) within 28 days of the date on which the
Decision Notice was given to F D Express Commercial Services Limited.


F D Express Commercial Services Limited

25 July 2012
Final Notice

Page 2

4.
Accordingly, the FSA has today cancelled F D Express Commercial Services
Limited’s registration as a small payment institution.

REASONS FOR ACTION

5.
On the basis of the facts and matters and conclusions described in its Warning Notice
dated 17 May 2012 (the “Warning Notice”), and in the Decision Notice (an extract of
the Decision Notice is attached to and forms part of this Notice), the FSA has
concluded that F D Express Commercial Services Limited has failed to submit the
Payment Services Directive Transactions return (the “FSA057”), for the period ended
31 December 2011, and to respond adequately to repeated FSA requests that it submit
the FSA057.

6.
These failings lead the FSA to conclude that F D Express Commercial Services
Limited has failed to comply with the requirement that it submit the FSA057 to the
FSA, that F D Express Commercial Services Limited has failed to demonstrate a
readiness and willingness to comply with its ongoing regulatory obligations and to
deal with the FSA in an open and co-operative way. It is therefore desirable to cancel
F D Express Commercial Services Limited’s registration as a small payment
institution in order to protect the interests of consumers, in accordance with
Regulation 10(1)(h) of the PSR (as applied by Regulation 14).

RELEVANT STATUTORY AND REGULATORY PROVISIONS

7.
The statutory and regulatory provisions relevant to this Final Notice are set out in the
Annex.

DECISION MAKER

8.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

IMPORTANT

9.
This Final Notice is given to F D Express Commercial Services Limited in accordance
with section 390(1) of the Financial Services and Markets Act 2000 (the “Act”) (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

Publicity

10.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of Part 1
of Schedule 5 of the PSR) 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 such publication
would, in the opinion of the FSA, be unfair to F D Express Commercial Services
Limited or prejudicial to the interests of consumers.

11.
The FSA intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.

F D Express Commercial Services Limited

25 July 2012
Final Notice

Page 3

FSA contact

12.
For more information concerning this matter generally please contact Sarah Brewer at
the FSA (direct line: 020 7066 8886/fax: 020 7066 6677).


……………………………………………………..
John Kirby
FSA Enforcement and Financial Crime Division

F D Express Commercial Services Limited

25 July 2012
Final Notice

Page 4

EXTRACT FROM THE DECISION NOTICE DATED 22 JUNE 2012 ISSUED BY
THE FSA TO F D EXPRESS COMMERCIAL SERVICES LIMITED


“FACTS AND MATTERS RELIED ON

7.
F D Express Commercial Services Limited was registered by the FSA on 24
November 2009 as a small payment institution.

8.
F D Express Commercial Services Limited is required to submit the FSA057. Despite
repeated requests and warnings, it has failed to submit the FSA057 for the period
ended 31 December 2011.

9.
By its Warning Notice dated 17 May 2012 described above and F D Express
Commercial Services Limited was given the opportunity to make representations to
the FSA about that proposed action.

10.
No representations having been received by the FSA from F D Express Commercial
Services Limited within the time allowed by the Warning Notice, the default
procedures in DEPP 2.3.2G of the FSA’s Decision Procedure and Penalties Manual
permit the facts and matters described in the Warning Notice, and repeated in this
Decision Notice, to be regarded as undisputed.”


END OF EXTRACT


F D Express Commercial Services Limited

25 July 2012
Final Notice

Page 5

ANNEX TO THE FINAL NOTICE ISSUED BY THE FSA TO F D EXPRESS
COMMERCIAL SERVICES LIMITED ON 25 JULY 2012

RELEVANT STATUTORY PROVISIONS

1.
Regulation 14 of the PSR states:

“Regulations 7 to 11 apply to registration as a small payment institution as
they apply to authorisation as a payment institution…”

2.
Under Regulation 10(1)(h) (as applied by Regulation 14) of the PSR, the FSA may
cancel the registration of a small payment institution if the cancellation is desirable in
order to protect the interests of consumers.

3.
Regulation 82 of the PSR states:

“(1) A payment service provider must give the Authority such information in
respect of its provision of payment services and its compliance with
requirements imposed by or under…these Regulations as the Authority may
direct.

(2) Information required under this regulation must be given at such times and
in such form, and verified in such manner, as the Authority may direct.”

RELEVANT HANDBOOK PROVISIONS

4.
In exercising its power to cancel the registration of a small payment institution, the
FSA must have regard to guidance published in the FSA’s Handbook of rules and
guidance (the “Handbook”). The relevant main considerations in relation to the action
specified above are set out below.

Relevant Directions

5.
FSA Direction SUP 16.13.4D, in the Supervision manual of the Handbook, directs
that a small payment institution is required to submit the FSA057 annually, one month
from 31 December.

6.
FSA Direction SUP 16 Annex 28A D specifies the format in which the FSA057 is to
be completed and submitted.

OTHER RELEVANT REGULATORY PROVISIONS


7.
The FSA’s policy in relation to exercising its enforcement powers is set out in the
Enforcement Guide (“EG”).

8.
EG 19.91 provides that the FSA’s approach to enforcing the PSR will mirror its
general approach to enforcing the Act.

9.
EG 19.93 provides that, in relation to the PSR, the FSA has decided to adopt
procedures and policies, in relation to the use of its sanctioning and regulatory
powers, akin to those it has under the Act. Relevantly in this regard, the types of

F D Express Commercial Services Limited

25 July 2012
Final Notice

Page 6

circumstances in which the FSA will consider cancelling a firm’s Part IV permission
under the Act include the non-submission of regulatory returns.