FINAL NOTICE

Of: The Chimney Corner
Ampthill Road
Kempston Hardwick
Bedford
MK45 3JF

FRN: 784010

Dated: 20 September 2019


ACTION

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

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

3. JSBML 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 JSBML’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 ACSL dated 3 July
2019;

“JSBML” means J S Bedford Motors Ltd;

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


“the Return” means the CCR007 return for the period ended 30 April 2018,
which JSBML was due to submit to the Authority by 13 June 2018;

“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 JSBML dated 5 June
2019.

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 JSBML is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that JSBML is a fit and proper person having regard to all the circumstances,
including whether JSBML 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 JSBML has failed to comply with the regulatory requirement to
submit the Return. JSBML has not been open and co-operative in all its dealings
with the Authority, in that JSBML 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 JSBML’s suitability, lead the
Authority to conclude that JSBML 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 JSBML 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 JSBML 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 JSBML 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 Victoria
Oyebanjo at the Authority (direct line: 020 706 64564).

Martin Butcher
Enforcement and Market Oversight Division