FINAL NOTICE

To:
Ian Quartermaine (Jeweller and Goldsmith) Limited

FRN: 741539

Dated: 21 September 2018


ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against IQ(JG)L.

2.
The Authority issued to IQ(JG)L 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 IQ(JG)L’s Part 4A permission.

3.
IQ(JG)L 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 IQ(JG)L’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 IQ(JG)L dated 18 July
2018;


“IQ(JG)L” means Ian Quartermaine (Jeweller and Goldsmith) Limited;

“IQ(JG)L’s Part 4A permission” means the permission granted by the Authority to

Ian Quartermaine (Jeweller and Goldsmith) Limited 21 September 2018
Final Notice
Page 2

IQ(JG)L pursuant to Part 4A of the Act;

“the Return” means the CCR007 return for the period ended 31 May 2017, which
IQ(JG)L was due to submit to the Authority by 12 July 2017;

“the suitability Threshold Condition” means the Threshold Condition set out in
paragraph 2E of Schedule 6 to 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 IQ(JG)L dated 26 June
2018.

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 IQ(JG)L is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that IQ(JG)L is a fit and proper person having regard to all the circumstances,
including whether IQ(JG)L managed its business in such a way as to ensure that
its affairs were conducted in a sound and prudent manner.

7.
This is because IQ(JG)L has failed to comply with the regulatory requirement to
submit the Return. IQ(JG)L has not been open and co-operative in all its dealings
with the Authority, in that IQ(JG)L has failed to respond adequately to the
Authority's repeated requests for it to submit the Return, and has thereby failed to
comply with Principle 11 of the Authority's Principles for Businesses and to satisfy
the Authority that it is ready, willing and organised to comply with the requirements
and standards under the regulatory system.

8.
These failures, which are significant in the context of IQ(JG)L’s suitability, lead the
Authority to conclude that IQ(JG)L 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, and that it is therefore failing to satisfy the Threshold
Conditions in relation to the regulated activities for which IQ(JG)L was granted a
Part 4A permission.

DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

10.
This Final Notice is given to IQ(JG)L in accordance with section 390(1) of the Act.

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Final Notice Page 3

Publicity

11.
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 IQ(JG)L or prejudicial to the interest of consumers.

12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Authority Contact

13.
For more information concerning this matter generally, please contact Yasmin
Moore at the Authority (direct line: 020 7066 5439).

Anna Couzens
Enforcement and Market Oversight Division