Final Notice
On , the Financial Conduct Authority issued a Final Notice to George Robert Mihalache, Reable Autos
FINAL NOTICE
To:
George Robert Mihalache (trading as Reable Autos)
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against George Robert Mihalache (‘Mr Mihalache’).
2.
The Authority issued to Mr Mihalache the Decision Notice which notified Mr
Mihalache that for the reasons given below and pursuant to section 55J of the Act,
the Authority had decided to cancel Mr Mihalache’s Part 4A permission.
3.
Mr Mihalache has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was given to him.
4.
Accordingly, the Authority has today cancelled Mr Mihalache’s Part 4A permission.
DEFINITIONS
5.
The definitions below are used in this Final Notice:
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“the Decision Notice” means the Decision Notice issued by the Authority to Mr
Mihalache dated 26 April 2023;
“Mr Mihalache” means Mr Naeem Mihalache;
“Mr Mihalache’s Part 4A permission” means the permission granted by the
Authority to Mr Mihalache pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £130.16, owed by Mr
Mihalache to the Authority for annual fees and levies for the period 1 April 2019 to
31 March 2020, which was due for payment by 22 September 2019;
“the Principles” means the Authority’s Principles for Businesses;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 to the Act;
“the Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act;
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber); and
“the Warning Notice” means the Warning Notice issued by the Authority to Mr
Mihalache dated 31 March 2023.
REASONS FOR THE ACTION
6.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that Mr Mihalache is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Mihalache is a fit and proper person having regard to all the
circumstances, including whether Mr Mihalache managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.
7.
Mr Mihalache has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr Mihalache has failed
to respond to the Authority’s repeated requests for him to pay the Overdue Balance,
and has thereby failed to comply with Principle 11 of the Principles and to satisfy
the Authority that he is ready, willing and organised to comply with the
requirements and standards of the regulatory system.
8.
These failures, which are significant in the context of Mr Mihalache’s suitability, lead
the Authority to conclude that Mr Mihalache has failed to manage his business in
such a way as to ensure that his affairs are conducted in a sound and prudent
manner, that he is not a fit and proper person, and that he is therefore failing to
satisfy the Threshold Conditions in relation to the regulated activities for which he
was granted a Part 4A permission.
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
IMPORTANT
10.
This Final Notice is given to Mr Mihalache in accordance with section 390(1) of the
Act.
11.
The Authority must publish such information about the matter to which this Final
Notice relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to Mr Mihalache or prejudicial to the interest of consumers.
12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contact
13.
For more information concerning this matter generally, please contact M Alexander
Bajko at the Authority (direct line: 020 7066 1838).
Anna Couzens
Enforcement and Market Oversight Division
To:
George Robert Mihalache (trading as Reable Autos)
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against George Robert Mihalache (‘Mr Mihalache’).
2.
The Authority issued to Mr Mihalache the Decision Notice which notified Mr
Mihalache that for the reasons given below and pursuant to section 55J of the Act,
the Authority had decided to cancel Mr Mihalache’s Part 4A permission.
3.
Mr Mihalache has not referred the matter to the Tribunal within 28 days of the date
on which the Decision Notice was given to him.
4.
Accordingly, the Authority has today cancelled Mr Mihalache’s Part 4A permission.
DEFINITIONS
5.
The definitions below are used in this Final Notice:
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“the Decision Notice” means the Decision Notice issued by the Authority to Mr
Mihalache dated 26 April 2023;
“Mr Mihalache” means Mr Naeem Mihalache;
“Mr Mihalache’s Part 4A permission” means the permission granted by the
Authority to Mr Mihalache pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £130.16, owed by Mr
Mihalache to the Authority for annual fees and levies for the period 1 April 2019 to
31 March 2020, which was due for payment by 22 September 2019;
“the Principles” means the Authority’s Principles for Businesses;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 to the Act;
“the Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act;
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber); and
“the Warning Notice” means the Warning Notice issued by the Authority to Mr
Mihalache dated 31 March 2023.
REASONS FOR THE ACTION
6.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that Mr Mihalache is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Mihalache is a fit and proper person having regard to all the
circumstances, including whether Mr Mihalache managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.
7.
Mr Mihalache has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr Mihalache has failed
to respond to the Authority’s repeated requests for him to pay the Overdue Balance,
and has thereby failed to comply with Principle 11 of the Principles and to satisfy
the Authority that he is ready, willing and organised to comply with the
requirements and standards of the regulatory system.
8.
These failures, which are significant in the context of Mr Mihalache’s suitability, lead
the Authority to conclude that Mr Mihalache has failed to manage his business in
such a way as to ensure that his affairs are conducted in a sound and prudent
manner, that he is not a fit and proper person, and that he is therefore failing to
satisfy the Threshold Conditions in relation to the regulated activities for which he
was granted a Part 4A permission.
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
IMPORTANT
10.
This Final Notice is given to Mr Mihalache in accordance with section 390(1) of the
Act.
11.
The Authority must publish such information about the matter to which this Final
Notice relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to Mr Mihalache or prejudicial to the interest of consumers.
12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contact
13.
For more information concerning this matter generally, please contact M Alexander
Bajko at the Authority (direct line: 020 7066 1838).
Anna Couzens
Enforcement and Market Oversight Division