FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Grahams Cars (‘GCars’).

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

3.
GCars 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 GCar’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 GCars dated 28 August
2022;

“EDM” means an Enforcement Executive Decision Maker of the Authority;

“the Effective Supervision Threshold Condition” means the Threshold Condition
set out in paragraph 2C of Schedule 6 to the Act;

“GCars” means Grahams Cars;

“GCars’s Part 4A permission” means the permission granted by the Authority
to Grahams Cars pursuant to Part 4A of 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 to GCars on 28 July 2022.

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 GCars is failing
to satisfy the Effective Supervision Threshold Condition, because the Authority has
no means by which it can communicate with GCars regarding regulatory matters.
As a result, the Authority does not consider it is likely that the Authority will receive
adequate information from GCars to enable the Authority to determine whether
GCars is complying with the requirements and standards of the regulatory system
and to identify and assess the impact on the Authority’s statutory objectives.

7.
GCars has failed to respond to the Authority’s information requirements and
attempts to communicate, being uncontactable. GCars is therefore not capable of
being effectively supervised by the Authority and is failing to satisfy the Threshold
Condition in relation to the regulated activities for which it was granted a Part 4A
permission.

DECISION MAKER

8.
The decision which gave rise to the obligation to give this Final Notice was made
by an Enforcement Decision Maker of the Authority.

IMPORTANT

9.
This Final Notice is given to GCars in accordance with section 390(1) of the Act.

10.
The Authority must publish such information about the matter to which this Final
Notice relates 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 GCars or prejudicial to the interest of consumers.

11.
For more information concerning this matter generally, please contact Ya Ngoneh
Sarr at the Authority (direct line: 020 7066 7944).