FINAL NOTICE

ACTION

1. For the reasons set out in this Final Notice, the Authority hereby takes the following
action against GPL.

2. The Authority gave GPL the Decision Notice, which notified GPL that, for the reasons
given below and pursuant to section 55J of the Act, the Authority had decided to
cancel the permission granted to GPL under Part 4A of the Act.

3. GPL has not referred the matter to the Tribunal within 28 days of the date on which
the Decision Notice was given to it.

4. Accordingly, the Authority has today cancelled GPL’s Part 4A permission.

DEFINITIONS

5. The definitions below are used in this Final Notice (and in the Annex):

“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 to GPL on 26 July 2016;

“EG” means the Authority’s Enforcement Guide;


“GPL” means Get Paid Limited;

“GPL’s Part 4A permission” means the permission granted by the Authority to GPL
pursuant to Part 4A of the Act;

“the Handbook” means the Authority’s Handbook of rules and guidance;


“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;



“SUP” means the section of the Authority’s Handbook entitled ‘Supervision
Manual’;

“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 to GPL on 1 July 2016.


RELEVANT STATUTORY PROVISIONS

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

SUMMARY OF THE REASONS

7. 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 GPL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
GPL is a fit and proper person having regard to all the circumstances.

8. GPL has failed to notify the Authority of a change in the address and telephone
number of its principal place of business and has failed to deal openly and co-
operatively with the Authority (in not providing up-to-date contact details).

FACTS AND MATTERS

9. GPL was authorised by the Authority on 16 September 2014 to conduct consumer
credit business.

10. Correspondence sent by the Authority on 11 February 2016 and 11 May 2016 to the
postal address last notified by GPL to the Authority as GPL’s principal place of
business has been returned with the annotations “addressee gone away” and
“refused”.

11. Correspondence sent by the Authority on 17 February 2016 to the postal address last
notified by GPL to the Authority as GPL’s Registered Office address was returned to
the Authority with the annotations “addressee unknown” and “addressee gone away”.

12. Correspondence sent by the Authority on 19 February 2016 and 11 May 2016 to the
postal address detailed in Companies House records as GPL’s Registered Office
address was returned to the Authority with the annotations “addressee gone away”
and “not called for”.

13. Correspondence sent by the Authority on 11 February 2016 to the email address last
notified by GPL to the Authority was returned as undeliverable, and to date no
response has been received from email correspondence sent to that address on 11
May 2016.

14. The Authority attempted to contact GPL on 15 February 2016 and 23 February 2016
on the last telephone number GPL provided to the Authority. The Authority was
informed that the telephone number is no longer valid for GPL as it belongs to an
individual who is no longer associated with GPL.

FAILINGS

15. As set out in the facts and matters described above, the Authority has made
repeated unsuccessful attempts to contact GPL using the postal address, email
address and telephone number held by the Authority in relation to GPL, and using
contact details for GPL in Companies House records.

16. The Authority has concluded, on the basis of the facts and matters described above,
that—

a. GPL has failed to notify the Authority of a change in the address and
telephone number of its principal place of business contrary to SUP 15.5.4R(1)
and SUP 15.5.5R(1) respectively;

b. GPL has failed to deal openly and co-operatively with the Authority in breach
of Principle 11 (Relations with regulators) of the Principles (in not providing
up-to-date contact details);

c. GPL has not demonstrated that it is ready, willing and organised to comply
with the requirements and standards under the regulatory system, namely the
requirements in SUP 15.5.4R(1) and SUP 15.5.5R(1) to give the Authority
reasonable advance notice of a change in the firm’s principal place of business
and telephone number, and the date of the change;

d. GPL has therefore failed to satisfy the Authority that its business is being
managed in such a way as to ensure that its affairs will be conducted in a
sound and prudent manner or that it is a fit and proper person having regard
to all the circumstances; and

e. GPL is therefore failing to satisfy the suitability Threshold Condition in relation
to its permitted regulated activities,

and accordingly, GPL’s Part 4A permission should be cancelled.

DECISION MAKER

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

IMPORTANT

18. This Final Notice is given to GPL in accordance with section 390(1) of the Act.

19. 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 information would, in the opinion of the
Authority, be unfair to GPL or prejudicial to the interests of consumers.

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

Authority Contact

21. For more information concerning this matter generally, GPL should contact Roger
Hylton at the Authority (direct line: 0207 066 8168).

John Kirby
Enforcement and Market Oversight Division


































ANNEX


RELEVANT STATUTORY PROVISIONS

1. Section 55J(1) of the Act provides that the Authority may cancel a firm’s Part 4A
permission where, amongst other things—

“it appears to the [Authority] that—



(a)
[the firm] is failing, or is likely to fail, to satisfy the threshold


conditions …;


[…]. ”

2. The suitability Threshold Condition provides:

“[The firm] must be a fit and proper person having regard to all the
circumstances, including—

[…]

(d)
whether [the firm] has complied and is complying with requirements
imposed by the [Authority] in the exercise of its functions, or requests
made by the [Authority], relating to the provision of information to the
[Authority] and, where [the firm] has so complied or is so complying, the
manner of that compliance;

[…]

(f)
whether [the firm's] business is being, or is to be, managed in such a way
as to ensure that its affairs will be conducted in a sound and prudent
manner

[…].”

RELEVANT HANDBOOK PROVISIONS

3. In exercising its power to cancel a Part 4A permission, the Authority must have
regard to guidance published in the Handbook. The relevant main considerations in
relation to the action specified above are set out below.

Relevant Principle

4. Principle 11 (Relations with regulators) of the Principles (PRIN 2.1.1R) provides:

“A firm must deal with [the Authority] in an open and cooperative way,
and
must disclose to [the Authority] appropriately anything relating to the firm
of
which [the Authority] would reasonably expect notice.”

Relevant Rules

5. SUP 15.5.4R provides:

“A firm must give the [Authority] reasonable advance notice of a change in any of
the following addresses, and give details of the new address and the date of the
change:


(1) the firm’s principal place of business in the United Kingdom;

[…].”

6. SUP 15.5.5R(1) provides:

“A firm must give the [Authority] reasonable advance notice of a change in any of
the following telephone numbers, and give details of the new telephone number
and the date of the change:

(1) the number of the firm’s principal place of business in the United

Kingdom;

[…].”

Guidance concerning the suitability Threshold Condition

7. Guidance on the suitability Threshold Condition is set out in COND 2.5.

8. COND 2.5.2G states that the Authority will take into consideration anything that
could influence a firm’s continuing ability to satisfy the threshold conditions set out in
paragraph 2E of Schedule 6 to the Act.

9. COND 2.5.6G states that examples of the kind of particular considerations to which
the Authority may have regard when assessing whether a firm will satisfy, and
continue to satisfy, the suitability Threshold Condition include whether:

•
the firm has been open and co-operative in all its dealings with the Authority
and is ready, willing and organised to comply with the requirements and
standards under the regulatory system (COND 2.5.6G(1));

•
the firm has contravened, amongst other things, the provisions of the
regulatory system, which include the Principles and other rules (COND
2.5.6G(4)).



OTHER RELEVANT REGULATORY PROVISIONS

10. The Authority’s policy in relation to its enforcement powers is set out in EG, certain
provisions of which are summarised below.

Cancelling a firm’s Part 4A permission on the Authority’s own initiative

11. EG 8.5.1(1) states that the Authority will consider cancelling a firm’s Part 4A
permission using its own initiative power contained in section 55J of the Act in
circumstances where the Authority has very serious concerns about the firm, or the
way its business is or has been conducted.

12. EG 8.5.2 provides examples of the types of circumstances in which the Authority may
cancel a Part 4A permission. One such example is the failure to provide the Authority
with valid contact details or failure to maintain the details provided, such that the
Authority is unable to communicate with the firm (EG 8.5.2(6)).