FINAL NOTICE

To:

Insulation Nation Limited

Dated: 8 March 2018

ACTION

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

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

3.
INL 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 INL’s Part 4A permission.

DEFINITIONS

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

Insulation Nation Limited

8 March 2018

“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 INL dated 25 January
2018;

“INL” means Insulation Nation Limited;

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

“the Overdue Balance” means the amount owed by INL to the Authority totalling
£295, comprising an invoice in respect of periodic fees and levies, which was due
for payment by 9 October 2016;

“the Principles” means the Authority’s Principles for Businesses;

“the Return” means the CCR007 (key data) return for the period ended 31
January 2017, which was due to be submitted by 14 March 2017;

“the suitability Threshold Condition” means the threshold condition stated in
Paragraph 2E of Schedule 6 to the Act;

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

“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 INL dated 2 January

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 INL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that INL is a fit and proper person having regard to all the circumstances,
including whether INL 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 INL has failed to comply with the regulatory requirement to
submit the Return and pay the Overdue Balance. INL has not been open and co-
operative in all its dealings with the Authority, in that it has failed to respond
adequately to the Authority's repeated requests for it to submit the Return and
pay the Overdue Balance, 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 INL’s suitability, lead the
Authority to conclude that INL has failed to manage its business in such a way as

Insulation Nation Limited

8 March 2018

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 INL 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.

IMPORTANT

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

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 INL 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.

13.
For more information concerning this matter generally, please contact Prea Deans
at the Authority (direct line: 020 7066 2272).

Enforcement and Market Oversight Division