FCA OFFICIAL

FINAL NOTICE

Of:

Trafford House


Chester Road


Stretford


Manchester


M32 0RL

FRN:
622628

Dated:
12 April 2021


ACTION

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

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

3.
HSL 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 HSL’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 HSL dated 26 February
2021;



2

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

“HSL” means Hewden Stuart Limited;

“HSL’s Part 4A permission” means the permission granted by the Authority to HSL
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 given to HSL dated 29 January
2021.

REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice and in the Decision Notice, the Authority considers that HSL has failed to
satisfy the Effective Supervision Threshold Condition, in that HSL has failed to
respond to the Authority’s attempted communications. HSL is therefore not capable
of being effectively supervised by the Authority, having regard to all the
circumstances.

7.
In particular, HSL has not provided information to the Authority to demonstrate
that it is ready, willing and organised to comply with the requirements and
standards under the regulatory system.

DECISION MAKER

8.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

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

Publicity


10.
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 HSL or prejudicial to the interest of consumers.

11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.




Authority Contact


12.
For more information concerning this matter generally, please contact Michael
Linton at the Authority (direct line: 020 7066 2595).



Anna Couzens
Enforcement and Market Oversight Division