FINAL NOTICE

To:
Innolift UK Limited

Dated: 3 November 2017


ACTION

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

2.
The Authority issued to IUL 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 IUL’s Part 4A permission.

3.
IUL 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 IUL’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;

Innolift UK Limited

3 November 2017

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to IUL dated 18
September 2017;

“IUL” means Innolift UK Limited;

“IUL’s Part 4A permission” means the permission granted by the Authority to IUL
pursuant to Part 4A of the Act;

“the Return” means the CCR007 return for the period ended 31 October 2016,
which IUL was due to submit to the Authority by 12 December 2016;

“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 IUL dated 18 August
2017.


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 IUL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that IUL is a fit and proper person having regard to all the circumstances,
including whether IUL 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 IUL has failed to comply with the regulatory requirement to
submit the Return. IUL has not been open and co-operative in all its dealings with
the Authority, in that IUL 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 IUL’s suitability, lead the
Authority to conclude that IUL 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 IUL has had a
permission.

DECISION MAKER

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

Innolift UK Limited

3 November 2017

IMPORTANT

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

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 IUL 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 Rachel
Fasanya at the Authority (direct line: 020 7066 3202).

Anna Couzens
Enforcement and Market Oversight Division