FINAL NOTICE

To:
Goldthorn Mortgage & Insurance Services Limited (In
Liquidation)

Address:
c/o Ms Lisa Ellis
Assistant Official Receiver
Official Receiver’s Office Birmingham A
The Insolvency Service
Level 4 Cannon House
18 Priory Queensway
Birmingham B4 6FD

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Goldthorn Mortgage & Insurance Services Limited (In
Liquidation) (“Goldthorn”).

2.
The Authority gave Goldthorn a Decision Notice on 19 June 2013 (“the Decision
Notice”) which notified Goldthorn that for the reasons given below and pursuant
to section 55J of the Act, the Authority had decided to cancel the permission
granted to Goldthorn under the Act (“Goldthorn’s Part 4A permission”).


3.
Goldthorn 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 Goldthorn’s permission.

DEFINITIONS

5.
The definitions below are also used in this Final Notice:

“the Act” means the Financial Services and Markets Act 2000;

“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct
Authority;

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

“the Threshold Conditions” mean the threshold conditions set out in Schedule 6 to
the Act;

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber);

“the Warning Notice” means the notice that the Authority issued to Goldthorn
dated 23 March 2013.


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 Goldthorn is
failing to satisfy the Threshold Conditions, in that the Authority is not satisfied
that Goldthorn’s resources are appropriate in relation to the regulated activities
for which Goldthorn has had a permission. Specifically, Goldthorn is unable to
meet its liabilities as they fall due and is in compulsory liquidation.

7.
Goldthorn was required to comply with Authority Rule MIPRU 4.2.1R in the
Prudential Sourcebook for Mortgage and Home Finance Firms, and Insurance
Intermediaries section of the Handbook, which required Goldthorn to ensure at all
times that it was able to meet its liabilities as they fell due.


8.
On 4 February 2013, Goldthorn was wound up on a petition from Her Majesty’s
Revenue and Customs and placed into compulsory liquidation, and the Official
Receiver was appointed as its Liquidator.

9.
The Authority asked Goldthorn’s Liquidator to apply to cancel Goldthorn’s Part 4A
permission, but Goldthorn’s Liquidator declined to do so.


10.
The Authority has therefore concluded that Goldthorn has failed to maintain
appropriate resources and is failing to satisfy the Threshold Conditions in relation
to the regulated activities for which Goldthorn has had a permission.


DECISION MAKER

11.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

12.
This Final Notice is given to Goldthorn in accordance with section 390(1) of the
Act.


Publicity

13.
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 Goldthorn or prejudicial to the interests of consumers.


14.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Contact

15.
For more information concerning this matter generally, please contact Roger
Hylton at the Authority (direct line: 020 7066 8168).

John Kirby
Enforcement and Financial Crime Division