FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Mr Pollington-Woods.


2.
The Authority issued to Mr Pollington-Woods the Decision Notice which notified Mr
Pollington-Woods that for the reasons given below and pursuant to section 55J of
the Act, the Authority had decided to cancel Mr Pollington-Woods’ Part 4A
permission.


3.
Mr Pollington-Woods has not referred the matter to the Tribunal within 28 days of
the date on which the Decision Notice was given to him.


4.
Accordingly, the Authority has today cancelled Mr Pollington-Woods’ 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 Mr Pollington-Woods
dated 21 September 2016;

“the Overdue Balance” means the amount owed by Mr Pollington-Woods to the
Authority totalling £295.00, which was due for payment by 2 August 2015;

“Mr Pollington-Woods’ Part 4A permission” means the permission granted by the
Authority to Mr Pollington-Woods under the Act;

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

“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 Mr Pollington-Woods
dated 31 August 2016.

REASONS FOR THE 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 Mr Pollington-
Woods’ is failing to satisfy the suitability Threshold Condition, in that the
Authority is not satisfied that Mr Pollington-Woods is a fit and proper person
having regard to all the circumstances, including whether Mr Pollington-Woods
managed his business in such a way as to ensure that his affairs were conducted
in a sound and prudent manner.


7.
Mr Pollington-Woods has failed to pay the Overdue Balance and he has not been
open and co-operative in all his dealings with the Authority, in that Mr Pollington-
Woods has failed to respond to the Authority’s repeated requests for him to pay
the Overdue Balance, and has thereby failed to comply with Principle 11 of the
Principles and to satisfy the Authority that he 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 Mr Pollington-Wood’s
suitability, lead the Authority to conclude that Mr Pollington-Woods has failed to
manage his business in such a way as to ensure that his affairs are conducted in
a sound and prudent manner, that he is not a fit and proper person, and that he
is therefore failing to satisfy the Threshold Conditions in relation to the regulated
activities for which he 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 Mr Pollington-Woods under section 55Z and 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 Mr Pollington-Woods 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 Prea Deans
at the Authority (direct line: 020 7066 2272).

John Kirby
Enforcement and Market Oversight Division