FINAL NOTICE

To:

Independent Asset Management U.K. Limited

Address:


The Plaza




100 Old Hall Street




Liverpool




L3 9QJ

FRN:

302823


Dated:

4 September 2013


ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Independent Asset Management U.K. Limited (“IAM”).

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

3.
IAM 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 IAM’s permission.

DEFINITIONS

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

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


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“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 Overdue Balance” means regulatory fees and levies owed to the Authority
totalling £2,693.26;

“PII” means Professional Indemnity Insurance;

“RMAR” means Retail Mediation Activities Return;

“the Threshold Conditions” means the threshold conditions set out in Part 1 of
Schedule 6 to the Act;

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

REASONS FOR ACTION

No regulated activities

6.
By a First Supervisory Notice dated 3 June 2013, IAM’s permission was varied by
removing all regulated activities with immediate effect, on the basis that IAM failed
to satisfy the Threshold Conditions. Specifically, IAM was unable to demonstrate
that it held adequate PII and therefore failed to satisfy the appropriate resources
Threshold Condition.

7.
Section 55J of the Act provides that if, as a result of a variation of a Part 4A
permission under that section, there are no longer any regulated activities for
which the authorised person concerned has permission, the Authority must, once it
is satisfied that it is no longer necessary to keep the permission in force, cancel it.

8.
The Authority has concluded that it is so satisfied and accordingly has a duty to
cancel IAM’s permission.

Additional Matters

9.
In addition to its obligation to cancel IAM’s permission, the Authority considered
that cancellation of IAM’s permission was necessary for the following reasons:

(1)
IAM’s repeated failure to submit the RMAR promptly; and

(2)
IAM’s failure to pay fees and levies owed to the Authority.

10.
Specifically, IAM has repeatedly failed to submit RMARs promptly, and has also
failed to submit the RMAR for the period ended 31 January 2013, and to respond
adequately to the Authority’s repeated requests that it does so.

11.
IAM has also failed to pay the Overdue Balance owed to the Authority, and to
respond adequately to the Authority’s repeated requests that it does so.

12.
These failures lead the Authority to conclude that IAM has failed to manage its
business in such a way as to ensure that its affairs are conducted in a sound and
prudent manner, that it is not a fit and proper person, that its conduct has not met
the requirements of Principle 11 (Relations with regulators) and that it is therefore

/cont…

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failing to satisfy the suitability Threshold Condition.

DECISION MAKER

13.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

IMPORTANT


14.
This Final Notice is given to IAM in accordance with section 390(1) of the Act.

PUBLICITY

15.
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 IAM or prejudicial to the interest of consumers.

16.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

CONTACT

17.
For more information concerning this matter generally, please contact Kathryn
Willis at the Authority (direct line: 020 7066 2098).






John Kirby
Enforcement and Financial Crime Division