FINAL NOTICE

ACTION

1. For the reasons set out in this Final Notice, the Financial Services Authority (the “FSA”)

hereby takes the following action against I G Financial Services Limited (“IGFS”).

2. The FSA gave IGFS a Decision Notice on 3 December 2012 (the “Decision Notice”)

which notified IGFS that for the reasons given below and pursuant to section 45 of the
Financial Services and Markets Act 2000 (the “Act”), the FSA had decided to cancel the
permission granted to IGFS under Part IV of the Act (“IGFS’s Part IV permission”).

3. IGFS has not referred the matter to the Upper Tribunal (Tax and Chancery Chamber)

within 28 days of the date on which the Decision Notice was given to it.

4. Accordingly, the FSA has today cancelled IGFS’s Part IV permission.

REASONS FOR ACTION

5. On the basis of the facts and matters and conclusions described in its Warning Notice

issued to IGFS dated 26 October 2012 (the “Warning Notice”), and in the Decision
Notice, it appears to the FSA that IGFS is failing to satisfy the threshold conditions set
out in Schedule 6 to the Act (the “Threshold Conditions”) in that the FSA is not satisfied

that IGFS is a fit and proper person having regard to all the circumstances, including the
need to ensure that its business is conducted soundly and prudently.

6. This is because IGFS has repeatedly failed to submit promptly its Retail Mediation

Activities Return (“RMAR”) and IGFS has also repeatedly failed to pay promptly fees
and levies owed to the FSA, (details of which are set out in the Decision Notice, an
extract of which is attached to and forms part of this Notice). IGFS has not been open
and co-operative in all of its dealings with the FSA, in that it has failed to respond to the
FSA's repeated requests for it to submit the RMAR, and to pay fees and levies owed to
the FSA, and has thereby failed to comply with Principle 11 of the FSA's Principles for
Businesses and to satisfy the FSA that it is ready, willing and organised to comply with
the requirements and standards under the regulatory system.

7. These failures, which are significant in the context of IGFS’s suitability, lead the FSA to

conclude that IGFS is not conducting its business soundly and prudently and in
compliance with proper standards, 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 it has had Part IV permission.

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 IGFS in accordance with section 390(1) of the Act.

Publicity

10. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information

about the matter to which this Final Notice relates. Under those provisions, the FSA must
publish such information about the matter to which this Final Notice relates as the FSA
considers appropriate. The information may be published in such manner as the FSA
considers appropriate. However, the FSA may not publish information if such publication
would, in the opinion of the FSA, be unfair to IGFS or prejudicial to the interests of
consumers.

11. The FSA intends to publish such information about the matter to which this Final Notice

relates as it considers appropriate.

FSA Contact

12. For more information concerning this matter generally, you should contact Stephanie

Prowse at the FSA (direct line: 020 7066 9404/fax: 020 7066 9405).

John Kirby
FSA Enforcement and Financial Crime Division

EXTRACT FROM THE DECISION NOTICE DATED 3 DECEMBER 2012 ISSUED
BY THE FSA TO I G FINANCIAL SERVICES LIMITED

“FACTS AND MATTERS RELIED ON

1.
IGFS was authorised by the FSA on 31 October 2004 to carry on regulated home
finance business. On 14 January 2005, IGFS was also permitted to carry out
insurance mediation business.

2.
IGFS has, since May 2010, repeatedly failed to submit promptly its Retail Mediation
Activities Return (“RMAR”). As set out in the table below, IGFS has failed to submit
four of its last five RMARs on time (or at all). In particular, all of these RMARs were
late by a significant period of between 61 and 195 days.

3.
As a result IGFS has been referred to Enforcement on four occasions – in September
2010, July 2011, January 2012 and September 2012. On the first three referrals, IGFS
only took steps to comply when faced with the threat of imminent cancellation action.
The RMAR for the period ended 5 April 2012 remains outstanding and is 195 days
late as at the date of this Decision Notice.

Regulatory Fees and Levies

4.
IGFS has also, since August 2010, repeatedly failed to pay promptly fees and levies
owed to the FSA, as set out in the table below. IGFS has failed to pay promptly (or at
all) its last seven invoices, and in particular, IGFS has been late in paying all three of
its last three annual FSA periodic fees and levies. For the periodic fees and levies for
2010-2011 and 2011-2012, the payment was late by a period of 259 and 51 days
respectively. IGFS has failed to pay an administrative fee of £250 for late submission
of a regulatory return which became due on 7 July 2012, and periodic fees and levies
for 2012-2013 totalling £1,180.72 which became due on 8 August 2012. These
invoices are respectively 149 and 117 days late as at the date of this Decision Notice.

Period ended
RMAR reference
Due date
Date RMAR
submitted

Days late

05/04/2010
April 2010 RMAR
18/05/2010
07/09/2010
113

05/10/2010
October 2010 RMAR
16/11/2010
10/11/2010
On time

05/04/2011
April 2011 RMAR
23/05/2011
22/07/2011
61

05/10/2011
October 2011 RMAR
16/11/2011
31/01/2012
77

05/04/2012
April 2012 RMAR
22/05/2012
Outstanding
195 (as at the
date of this
Decision
Notice

Invoice date
Invoice amount
Payment due date
Date paid
Days late

05/07/2010
£1,164.70 04/08/2010
19/04/2011
259

20/07/2010
£250 19/08/2010
19/04/2011
244

13/06/2011
£250 13/07/2011
05/01/2012
177

17/10/2011
£1,126.83 16/11/2011
05/01/2012
51

05/12/2011
£250 04/01/2012
05/01/2012
1

07/06/2012
£250 07/07/2012
Outstanding
149 (as at the date
of this Decision
Notice)

09/07/2012
£1,180.72 08/08/2012
Outstanding
117 (as at the date
of this Decision
Notice)

5.
As a result IGFS has been referred to Enforcement on two occasions – in March 2011
and March 2012. IGFS only paid the fees and levies to which the first referral related
when IGFS was faced with the threat of imminent cancellation action. In relation to
the second referral for these failures, IGFS paid the outstanding fees prior to
Enforcement’s initial letter however, the invoices to which the second referral related
were paid significantly late.”

END OF EXTRACT