Final Notice
On , the Financial Conduct Authority issued a Final Notice to Fox Global Trading Limited
1
FINAL NOTICE
To:
Fox Global Trading Limited
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Fox Global Trading Limited (“the Firm”).
2.
Pursuant to Regulations 10(1)(a) and 10(1)(h) (as applied by regulation 15) of the
Payment Services Regulations 2017 (“PSRs”), the Authority has decided to cancel the
registration granted to the Firm, as a Small Payment Institution (“SPI”) under the PSRs.
3.
The Authority issued to the Firm a Warning Notice and Decision Notice which notified
the Firm of its decision to take the action specified above. The Firm did not make
representations within 28 days of the date of the Warning Notice and has not referred
the matter to the Tribunal within 28 days of the date of the Decision Notice.
Accordingly, the Authority has today cancelled the registration granted to the Firm, as a
SPI under the PSRs.
DEFINITIONS
4.
The definitions below are used in this Decision Notice (and in the Annex):
“the Act” means the Financial Services and Markets Act 2000;
Fox Global Trading Limited
17 January 2024
Final Notice
2
“the Authority” means the Financial Conduct Authority;
“the Decision Notice” means the Decision Notice issued by the Authority to Fox Global
Trading Limited dated 11 December 2023;
“EG” means the Authority’s Enforcement Guide;
“the Firm” means Fox Global Trading Limited;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the PSRs” means the Payment Services Regulations 2017;
“Return” means the annual regulatory report submitted by an SPI to the Authority using
form FSA057;
“SPI” means small payment institution as defined in regulation 2(1) of the PSRs; and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber); and
“the Warning Notice” means the warning notice given to Fox Global Trading Limited dated
9 November 2023.
RELEVANT STATUTORY PROVISIONS
5.
The statutory and regulatory provisions relevant to this Final Notice are set out in the
Annex.
FACTS AND MATTERS RELIED ON
6.
The Firm was registered as a SPI by the Authority on 21 May 2019.
7.
SPIs are required by rules made by the Authority under the PSRs to report certain
information to the Authority, by way of Return, on an annual basis. The Return is made
by submitting a form FSA057. The Return includes details of the payment services
provided by the SPI in the preceding year.
8.
The Firm submitted a Return (covering the period 1 January to 31 December) for each of
the years 2019, 2020, 2021 and 2022. In each Return, it reported having undertaken no
payment transactions, nor any other business. This is consistent with its filed accounts
at Companies House, which show it to have been dormant since 2019.
REASONS FOR THE ACTION
9.
The Authority has decided that, on the basis of the facts and matters described above,
the Firm did not provide payments services within 12 months beginning with the date on
which the registration took effect. This provides a basis for cancelling the Firm’s
registration in accordance with regulation 10(1)(a) (as applied by regulation 15) of the
PSRs.
10.
Furthermore, the Firm has not provided payment services since its registration. The
Authority has decided that the Firm does not require its registration and therefore that
its registration as a SPI should be cancelled in order to protect the interests of consumers,
in accordance with regulation 10(1)(h) (as applied by regulation 15) of the PSRs.
Fox Global Trading Limited
17 January 2024
Final Notice
3
11.
The Authority has therefore decided to cancel the Firm’s registration for the reasons
described above.
PROCEDURAL MATTERS
12.
This Final Notice is given to the Firm in accordance with Regulation 10(5) of the PSR (as
applied by Regulation 15) and it is being served on the Firm at the address last notified
to the Authority as the Firm’s principal place of business.
Decision maker
13.
The decision which gave rise to the obligation to give this Final Notice was made by an
Authority staff member under the executive procedures.
14.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 10 of Schedule
6 of the PSRs) apply to the publication of information about the matter to which this
Final Notice relates. Under those provisions, the Authority must publish such
information about the matter to which this Final Notice relates as the Authority
considers appropriate.
Authority contact
21.
For more information concerning this matter generally, the Firm should contact Ibrahim
Ali at the Authority (direct line: 020 7066 4264).
Jeremy Parkinson
Enforcement and Market Oversight Division
Fox Global Trading Limited
17 January 2024
Final Notice
ANNEX
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.
Regulation 15 of the PSRs provides:
“Regulations 7 to 12 apply to registration as a small payment institution as they apply
to authorisation as a payment institution as if—
(a) references to authorisation were references to registration;
3.
Regulation 10(1)(a) of the PSRs (as applied by regulation 15) gives the Authority the
power to cancel the registration of a small payment institution where the firm does not
provide payment services within 12 months beginning with the date on which the
authorisation took effect.
4.
Under Regulation 10(1)(h) of the PSRs (as applied by Regulation 15), the Authority may
cancel the registration of a SPI where the cancellation is desirable in order to protect the
interests of consumers.
RELEVANT HANDBOOK PROVISIONS
5.
In exercising its powers to cancel the registration of a SPI, the Authority must have regard
to guidance published in the Handbook and in regulatory guides, such as EG. The main
considerations relevant to the action stated in the Decision Notice are set out below.
6.
The Authority’s policy in relation to exercising its enforcement powers is set out in EG,
the relevant provisions of which are summarised below.
7.
EG 19.20.2 provides that the Authority’s approach to enforcing the PSRs will mirror its
general approach to enforcing the Act.
8.
EG 19.20.5 provides that, in relation to the PSR, the Authority 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.
FINAL NOTICE
To:
Fox Global Trading Limited
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Fox Global Trading Limited (“the Firm”).
2.
Pursuant to Regulations 10(1)(a) and 10(1)(h) (as applied by regulation 15) of the
Payment Services Regulations 2017 (“PSRs”), the Authority has decided to cancel the
registration granted to the Firm, as a Small Payment Institution (“SPI”) under the PSRs.
3.
The Authority issued to the Firm a Warning Notice and Decision Notice which notified
the Firm of its decision to take the action specified above. The Firm did not make
representations within 28 days of the date of the Warning Notice and has not referred
the matter to the Tribunal within 28 days of the date of the Decision Notice.
Accordingly, the Authority has today cancelled the registration granted to the Firm, as a
SPI under the PSRs.
DEFINITIONS
4.
The definitions below are used in this Decision Notice (and in the Annex):
“the Act” means the Financial Services and Markets Act 2000;
Fox Global Trading Limited
17 January 2024
Final Notice
2
“the Authority” means the Financial Conduct Authority;
“the Decision Notice” means the Decision Notice issued by the Authority to Fox Global
Trading Limited dated 11 December 2023;
“EG” means the Authority’s Enforcement Guide;
“the Firm” means Fox Global Trading Limited;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the PSRs” means the Payment Services Regulations 2017;
“Return” means the annual regulatory report submitted by an SPI to the Authority using
form FSA057;
“SPI” means small payment institution as defined in regulation 2(1) of the PSRs; and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber); and
“the Warning Notice” means the warning notice given to Fox Global Trading Limited dated
9 November 2023.
RELEVANT STATUTORY PROVISIONS
5.
The statutory and regulatory provisions relevant to this Final Notice are set out in the
Annex.
FACTS AND MATTERS RELIED ON
6.
The Firm was registered as a SPI by the Authority on 21 May 2019.
7.
SPIs are required by rules made by the Authority under the PSRs to report certain
information to the Authority, by way of Return, on an annual basis. The Return is made
by submitting a form FSA057. The Return includes details of the payment services
provided by the SPI in the preceding year.
8.
The Firm submitted a Return (covering the period 1 January to 31 December) for each of
the years 2019, 2020, 2021 and 2022. In each Return, it reported having undertaken no
payment transactions, nor any other business. This is consistent with its filed accounts
at Companies House, which show it to have been dormant since 2019.
REASONS FOR THE ACTION
9.
The Authority has decided that, on the basis of the facts and matters described above,
the Firm did not provide payments services within 12 months beginning with the date on
which the registration took effect. This provides a basis for cancelling the Firm’s
registration in accordance with regulation 10(1)(a) (as applied by regulation 15) of the
PSRs.
10.
Furthermore, the Firm has not provided payment services since its registration. The
Authority has decided that the Firm does not require its registration and therefore that
its registration as a SPI should be cancelled in order to protect the interests of consumers,
in accordance with regulation 10(1)(h) (as applied by regulation 15) of the PSRs.
Fox Global Trading Limited
17 January 2024
Final Notice
3
11.
The Authority has therefore decided to cancel the Firm’s registration for the reasons
described above.
PROCEDURAL MATTERS
12.
This Final Notice is given to the Firm in accordance with Regulation 10(5) of the PSR (as
applied by Regulation 15) and it is being served on the Firm at the address last notified
to the Authority as the Firm’s principal place of business.
Decision maker
13.
The decision which gave rise to the obligation to give this Final Notice was made by an
Authority staff member under the executive procedures.
14.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 10 of Schedule
6 of the PSRs) apply to the publication of information about the matter to which this
Final Notice relates. Under those provisions, the Authority must publish such
information about the matter to which this Final Notice relates as the Authority
considers appropriate.
Authority contact
21.
For more information concerning this matter generally, the Firm should contact Ibrahim
Ali at the Authority (direct line: 020 7066 4264).
Jeremy Parkinson
Enforcement and Market Oversight Division
Fox Global Trading Limited
17 January 2024
Final Notice
ANNEX
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.
Regulation 15 of the PSRs provides:
“Regulations 7 to 12 apply to registration as a small payment institution as they apply
to authorisation as a payment institution as if—
(a) references to authorisation were references to registration;
3.
Regulation 10(1)(a) of the PSRs (as applied by regulation 15) gives the Authority the
power to cancel the registration of a small payment institution where the firm does not
provide payment services within 12 months beginning with the date on which the
authorisation took effect.
4.
Under Regulation 10(1)(h) of the PSRs (as applied by Regulation 15), the Authority may
cancel the registration of a SPI where the cancellation is desirable in order to protect the
interests of consumers.
RELEVANT HANDBOOK PROVISIONS
5.
In exercising its powers to cancel the registration of a SPI, the Authority must have regard
to guidance published in the Handbook and in regulatory guides, such as EG. The main
considerations relevant to the action stated in the Decision Notice are set out below.
6.
The Authority’s policy in relation to exercising its enforcement powers is set out in EG,
the relevant provisions of which are summarised below.
7.
EG 19.20.2 provides that the Authority’s approach to enforcing the PSRs will mirror its
general approach to enforcing the Act.
8.
EG 19.20.5 provides that, in relation to the PSR, the Authority 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.