FINAL NOTICE

IRN:
JJQ01001

ACTION

1. For the reasons given in this Final Notice, the FSA hereby makes an order prohibiting

John James Quarrell (“John Quarrell”) from performing any function in relation to
any regulated activity carried on by any authorised or exempt person or exempt
professional firm (the “Prohibition Order”). The Prohibition Order takes effect from
14 January 2013.

REASONS FOR ACTION

2. The FSA gave John Quarrell a Decision Notice on 18 March 2011 which notified him

that the FSA had decided to make a prohibition order pursuant to section 56 of the
Financial Services and Markets Act 2000 (the “Act”).

3. On 14 April 2011, John Quarrell referred that Decision Notice to the Upper Tribunal

(Tax and Chancery Chamber) (the “Tribunal”), and on 13 April 2012 the FSA applied
to have that reference struck out.

4. The written decision of the Tribunal was released on 17 August 2012 and can be

found on the Tribunal’s website at:

http://www.tribunals.gov.uk/financeandtax/Documents/decisions/Quarrell_Beaumont
_Quarters_Trustees_v_TPR_FSA.pdf

5. The Tribunal decided that the reference should be struck out and the FSA accordingly

makes a prohibition order, pursuant to section 56 of the Act, prohibiting John Quarrell
from performing any function in relation to any regulated activity carried on by any
authorised or exempt person or exempt professional firm.

6. The FSA takes this action on the grounds that John Quarrell is not a fit and proper

person and presents a risk to consumers. Specifically, he was prohibited by The
Pensions Regulator on 20 August 2009 from acting as a trustee of trust schemes in
general.

PROCEDURAL MATTERS

7. This Final Notice is given under, and in accordance with, section 390(2) of the Act.

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

about the matter to which this Notice relates. Under those provisions, the FSA must
publish such information about the matter to which this 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 John Quarrell or prejudicial
to the interests of consumers.

9. The FSA intends to publish this Final Notice and such information about the matter to

which this Final Notice relates as it considers appropriate.

10. For more information concerning this matter generally, contact Isabel Barnes (direct

line: 020 7066 1426 /fax: 020 7066 1427) of the Enforcement and Financial Crime
Division of the FSA.

John Kirby
FSA Enforcement and Financial Crime Division