FINAL NOTICE

To:
GMT Cars (Peter James Tylee trading as)

Dated: 9 February 2018


ACTION

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

2.
The Authority issued to Mr Tylee the Decision Notice which notified him that for
the reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel Mr Tylee’s Part 4A permission.

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

4.
Accordingly, the Authority has today cancelled Mr Tylee’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 to Mr Tylee dated 20
December 2017;

“the Return” means the CCR007 return for the period ended 31 January 2017,
which Mr Tylee was due to submit to the Authority by 14 March 2017;

“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);

“Mr Tylee’s Part 4A permission” means the permission granted by the Authority to
GMT Cars (Peter James Tylee trading as) pursuant to Part 4A of the Act; and

“the Warning Notice” means the Warning Notice issued to Mr Tylee dated 28
November 2017.


REASONS FOR 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 Tylee is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Tylee is a fit and proper person having regard to all the
circumstances, including whether Mr Tylee managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.

7.
This is because Mr Tylee has failed to comply with the regulatory requirement to
submit the Return. Mr Tylee has not been open and co-operative in all his
dealings with the Authority, in that Mr Tylee has failed to respond adequately to
the Authority's repeated requests for him to submit the Return, and has thereby
failed to comply with Principle 11 of the Authority's Principles for Businesses and
to satisfy the Authority that he is ready, willing and organised to comply with the
requirements and standards under the regulatory system.

8.
These failures, which are significant in the context of Mr Tylee’s suitability, lead
the Authority to conclude that Mr Tylee 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 Mr Tylee
has had a permission.

DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

10.
This Final Notice is given to Mr Tylee in accordance with section 390(1) of the Act.

Publicity

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 Tylee 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 Rachel
Fasanya at the Authority (direct line: 020 7066 3202).

Enforcement and Market Oversight Division