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NOTICE OF DECISION

ACTION

1. The Authority has decided to cancel the Firm’s Part 4A permission.

2. The Authority has taken this action because, based on the facts and matters set out below, it
considers that the Firm is carrying on no regulated activity to which the Firm’s Part 4A permission
relates.

3. The cancellation takes effect on the date of this Notice of Decision. The effect of the cancellation
is that the Firm no longer has permission to carry on any regulated activities.

DEFINITIONS

4. The definitions below are used in this Notice of Decision (and in the Annex):

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

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“FEES” means the Authority’s FEES Manual, part of the Handbook;

“the Firm” means HIM London Limited;

“the Firm’s Part 4A permission” means the Part 4A permission granted by the Authority to the
Firm;

“FSCS” means the Financial Services Compensation Scheme;

“the Further Notice” means the Further notice given by the Authority to the Firm dated 17 June
2024;

“the general levy” means the levy a firm must pay to the Authority towards the costs of operating
the compulsory jurisdiction of the Financial Ombudsman Service;

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

“the IML levy” means the Illegal Money Lending levy;

“the Notice” means the notice given by the Authority to the Firm dated 24 May 2024;

“Part 4A permission” means permission to conduct regulated activities, granted by the Authority
under Part 4A of the Act;

“SFGB Levy” means the Single Financial Guidance Body Levy;

“SUP” means the Supervision Manual, part of the Handbook; and

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

FACTS AND MATTERS

5. The Firm was authorised by the Authority on 13 Aug 2015 and has a Part 4A permission to
conduct the following regulated activities in relation to Consumer Credit Business:

(a) Agreeing to carry out regulated activity;
(b) Credit Broking;
(c) Debt Adjusting; and
(d) Debt Counselling.

6. Information submitted to the Authority by the Firm in regulatory returns for the period 01 March
2021 to 28 February 2023shows that the Firm is not carrying on any regulated activities for which
it holds a Part 4A permission. There are no other matters that suggest the Firm is carrying on
regulated activities.

7. The Firm failed to pay periodic fees and levies owed to the Authority as required under the
Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R, 7A.3.1R and
13.2.1R. In particular, the Firm failed to pay an invoice dated 21 September 2021 for periodic
fees and levies of £305.30 which had been due for payment by 20 December 2021 and an invoice
dated 31 August 2022 for periodic fees and levies of £408.24 which had been due for payment
by 30 September 2022.

8. On 14 Mar 2024, the Authority gave the Firm the Notice which stated that:

(a) it appears to the Authority that the Firm is carrying on no regulated activity to

which its Part 4A permission relates; and

(b) the Authority may take action to cancel the Firm’s Part 4A permission unless it

responds to the Notice in the manner specified in the directions to the Notice.

9. The Firm failed to respond to the Notice.

10. As a result of the matters specified above, on 22 Apr 2024, the Authority gave the Firm the
Further Notice which stated that:

(a) the Authority considered that the Firm is carrying on no regulated activity to which

its Part 4A permission relates; and

(b) the Authority proposes to cancel the Firm’s Part 4A permission on 12 July

2024 unless the Firm takes the steps specified in the directions to the Further
Notice.

11. The Firm failed to take the steps specified in the Further Notice.

CANCELLATION OF PART 4A PERMISSION

12. From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act), the Authority considers that the Firm is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel the Firm’s Part 4A
permission. The cancellation of the Firm’s Part 4A permission takes effect on the date of this
Notice of Decision.

13. The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.

PROCEDURAL MATTERS

14. This Notice of Decision is given to the Firm under paragraph 3 of Schedule 6A to the Act (variation
or cancellation of Part 4A permission on initiative of FCA: additional power).

The following paragraphs are important.

Annulment of the Authority’s decision

15. If the Firm is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice
of Decision, the Firm may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.

16. The Firm must submit a completed application for an annulment of the Authority's decision to the
Authority by 11 July 2025 and in the manner specified by the Authority.

The Tribunal

17. The Firm does not have a right to refer the decision to give this Notice of Decision to the Tribunal.

18. The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in such
manner as the Authority considers appropriate.

19. For more information concerning this matter generally, the Firm should contact Danielle
Stuart (direct line: 0208 066 0185).

Angela Curtis
Enforcement and Market Oversight Division

ANNEX ON CANCELLATION OF PART 4A PERMISSION

ON INITIATIVE OF FCA: ADDITIONAL POWER

RELEVANT STATUTORY PROVISIONS

1. The Authority’s operational objectives established in section 1B of the Act include protecting and
enhancing the integrity of the UK financial system and securing an appropriate degree of
protection for consumers.

2. The Authority is authorised by paragraphs 1(1) and (2) of Schedule 6A to the Act to cancel an
Authority-authorised person’s Part 4A permission, if it appears to the Authority that the Authority-
authorised person is carrying on no regulated activity to which the permission relates.

3. Paragraph 1(3) of Schedule 6A of the Act provides that the circumstances in which the Authority
may form the view that an Authority-authorised person is carrying on no regulated activity include
(but are not limited to) circumstances where the person fails—

(a) INCLUDE FOR FEES ONLY - to pay any periodic fee or levy as is required by the Handbook,

4. The Authority must exercise its power to cancel an Authority–authorised person’s Part 4A
permission using its additional own initiative power in accordance with the procedure set out in
paragraph 2 of Schedule 6A to the Act.

RELEVANT HANDBOOK PROVISIONS

5. In exercising its power to cancel an Authority–authorised person’s Part 4A permission, the
Authority must have regard to the regulatory requirements and guidance published in the
Handbook and in regulatory guides, such as EG. The main considerations relevant to the action
stated in this Notice of Decision are set out below.

Relevant Rules

6. FEES 4.2.1R requires that:

“A person shown in column (1) of the table in FEES 4.2.11 R as the relevant fee payer
must pay each periodic fee applicable to it, calculated in accordance with the provisions
referred to in column (2) of the applicable table, as adjusted by any relevant provision
in this chapter:

(1)

in full and without deduction (unless permitted or required by a provision in
FEES); and

(2)

on or before the date given in column (3) of that table, unless FEES 4.2.10 R
applies.”

7. FEES 4.3.1R states that:

“The periodic fee payable by a firm (except an AIFM qualifier, ICVC or a UCITS qualifier)
is:

(1)

each periodic fee applicable to it calculated in accordance with FEES 4.3.3 R,
using information obtained in accordance with FEES 4.4; plus

(1A)

any periodic fee applicable to it calculated in accordance with FEES 4.3.3A R
using information relating to its UK business obtained in accordance
with FEES 4.4 (or by other means in the case of the Bank of England); less

(2)

any deductions from the periodic fee specified in Part 2 of FEES 4 Annex 2AR
or Part 7 of FEES 4 Annex 11R.”

8. FEES 5.7.1R requires that:

“A firm must pay annually to the [Authority] the general levy on or before the later of
1 April and 30 calendar days after the date when the invoice is issued by the
[Authority].”

9. FEES 6.7.1R requires that:

“A participant firm that is not within FEES 6.7.1R, must pay its share of any levy made
by the FSCS in one payment”.

10. FEES 6.7.3R states that:

“A participant firm's share of a levy to which FEES 6.7.1R applies is due on, and payable
within 30 days of, the date when the invoice is issued.”

11. FEES 7A.3.1R requires that:

“A firm must pay the SFGB money advice levy or SFGB debt advice levy applicable to
it:

(1) in full and without deduction (unless permitted or required by a provision in FEES);

and

(2) by 1 August or, if later, within 30 days of the date of the invoice in the fee year to

which that sum relates.

12. FEES 13.2.1R requires that:

“A firm must pay each IML levy applicable to it:

(1) in full and without deduction by 1 August (or, if later, within 30 days of the date

of the invoice) in the financial year to which the sum relates; and

(2) in accordance with the rules in this chapter.

13. SUP 16.3.11R requires that:

“A firm must submit reports required under this chapter to the [Authority] containing
all the information required.”

14. SUP 16.3.13R(1) requires that:

“A firm must submit a report required by this chapter in the frequency, and so as to be
received by the [Authority] no later than the due date, specified for that report.”

15. SUP 16.3.13R(4) states that:

“If the due date for submission of a report required by this chapter is a set period of
time after the end of a half-year, a quarter, or a month, the dates will be determined
by (a) or (b) below except where otherwise indicated:

(a) the firm's accounting reference date;

(b) monthly, 3 monthly or 6 months after the firm's accounting reference date, as the

case may be.”

Guidance concerning the use of the Authority’s additional power to cancel an
authorised firm’s Part 4A permission on its own initiative

16. Guidance on the use of the Authority’s power to cancel an Authority-authorised person’s Part 4A
permissions on its own initiative under Schedule 6A to the Act is set out in SUP and EG.

17. EG 8.5.2A states that the Authority may cancel the Part 4A permission of a firm that is an
Authority-authorised person, under Schedule 6A of the Act, if:

(1) it appears to the Authority that the firm is carrying on no regulated activity to

which the permission relates; and

(2) the firm has failed to respond as directed by the Authority to notices served by the

Authority to the firm under paragraph 2 of Schedule 6A.

18. EG 8.5.2A also states that Schedule 6A specifies that the Authority may form the view that a firm
is carrying on no such regulated activity on the basis of its failure to pay a periodic fee or levy or
provide information to the Authority, in each case as required by the Handbook.

19. SUP sets out further guidance on the Authority’s power under Schedule 6A of the Act. In
particular, SUP 7.2.2AG states that the Authority may decide to cancel an Authority-authorised
person’s Part 4A permission using its powers under Schedule 6A of the Act:

(1) if that person appears to the Authority not to be carrying on any regulated activity
to which the permission relates including, without restriction, if the person has failed to
:

pay a periodic fee or levy under the Handbook; or

(2) if that person, when served by the Authority with two notices under paragraph 2

of Schedule 6A of the Act, has not:

(a) responded in the manner directed, in those notices or otherwise, by the

Authority; nor

(b) taken other steps as may also be directed by the Authority;

the second of which notices will specify the effective date of the proposed
cancellation.

20. SUP 7.2.2CG states that, apart from the circumstances described in SUP 7.2.2AG(1), the
Authority may also form the view, under Schedule 6A of the Act, that a firm is no longer
conducting any regulated activity to which its permission relates in light of, without restriction:

(1) one or more reports, provided to the Authority by the firm, under SUP 16 or

otherwise, indicating that it is no longer doing so.

21. SUP 7.2.2DG states that:

(1) the Authority’s additional own-initiative variation power under Schedule 6A to the

Act (which includes the power to cancel the Part 4A permission of an Authority-
authorised firm under Schedule 6A of the Act and references to “additional own-
initiative variation power in the remainder of this Notice of Decision should be read
as such) has, unlike the Authority’s own-initiative variation power under section
55J of the Act, a single basis: that it appears to the Authority that the relevant
Authority-authorised person is not carrying on any regulated activity to which its
Part 4A permission relates.

(2) if the Authority uses its additional own-initiative variation power, it is therefore

more likely to cancel the relevant firm’s Part 4A permission, rather than merely
varying it by removing or amending the description of one or more such activities
or by imposing one or more limitations.

(3) the Authority will, however, consider all relevant facts and circumstances,

including, without restriction:

(a) the relevant firm’s responses, if any, to the notices given by the Authority

under paragraph 2 of Schedule 6A; and

(b) if applicable, the factors described in SUP 6.4.22G, including whether there

are any matters relating to the firm requiring investigation,

before deciding whether to use its additional own-initiative variation power and whether to
use it to cancel or vary.

22. SUP 7.2.7G(1) states that a firm has no right of referral to the Tribunal in respect of the Authority
exercising its additional own-initiative variation power, under Schedule 6A to the Act, on the
Authority-authorised firm’s Part 4A permission.