FINAL NOTICE

ACTION

1. For the reasons given in this Notice, the Financial Services Authority (“the FSA”) has
refused the application received from Scott Briscoe Limited (“Scott Briscoe”) on
9 March 2011 and completed by the provision of further information on 13 May 2011
under section 40 of the Financial Services and Markets Act 2000 (“the Act”) for
Part IV permission to carry on the regulated activities of:

• Advising on investments (except pension transfers and opt-outs);

• Arranging (bringing about) deals in investments;

• Making arrangements with a view to transactions in investments;

• Advising on regulated mortgage contracts;

• Arranging regulated mortgage contracts;

• Making arrangements with a view to regulated mortgage contracts; and

• Agreeing to carry on a regulated activity

(“the Application”).

REASONS FOR ACTION

2. The FSA gave Scott Briscoe a Decision Notice on 20 January 2012 under section
52(9) of the Act which notified it that the FSA had decided to refuse the Application.

3. On 23 January 2012, Scott Briscoe referred this Decision Notice to the Upper
Tribunal (Tax and Chancery Chamber) (“the Tribunal”). The written decision of the
Tribunal was released on 2 January 2013 and can be found on the Tribunal’s website.

4. The Tribunal concluded that the FSA had sound reasons for rejecting the application
for Scott Briscoe to be authorised and an application for Sidney Cordle (“Mr Cordle”)
to be approved to perform controlled functions for Scott Briscoe, being of the view
that both applications turned on the fitness and propriety of Mr Cordle to perform the
relevant controlled functions and, finding that Mr Cordle lacked the necessary fitness
and propriety to perform the relevant controlled functions, therefore upheld the terms
of the Decision Notice.

PROCEDURAL MATTERS

5. This Final Notice is given under, and in accordance with, section 390 of the Act.

6. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information
about the matter to which this notice relates. Under those provisions, the FSA must
publish such information about the matter to which this 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 Scott Briscoe or prejudicial
to the interests of consumers.

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

FSA contacts

8. For more information concerning this matter generally, you should contact Francesca
Harte, Manager, Permissions Department at the FSA (direct line 020 7066 1482 /
email: francesca.harte@fsa.gov.uk).

Lucy McClements
Head of Department, Authorisations Division