Decision Notice
On , the Financial Conduct Authority issued a Decision Notice to Kenneth Martin Photography Ltd
1
NOTICE OF DECISION
ACTION
1.
For the reasons given below, the Authority has decided to cancel Kenneth Martin Photography
Ltd’s Part 4A permission. The cancellation takes effect on the date of this Notice of Decision.
2.
The effect of the cancellation is that Kenneth Martin Phtography Ltd no longer has permission
to carry on any regulated activities.
DEFINITIONS
3.
The definitions below are used in this Notice of Decision (and in the Annex):
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“EG” means the Enforcement Guide;
“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;
2
FEES” means the Authority’s FEES Manual, part of the Handbook;
“FSCS” means the Financial Services Compensation Scheme;
“the Further Notice” means the further notice issued by the Authority to KMPL dated 10 August
2023;
“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the IML levy” means the Illegal Money Lending levy;
“KMPL” means Kenneth Martin Photography Ltd;
“KMPL’s Part 4A permission” means the Part 4A permission granted by the Authority to KMPL;
“the Notice” means the notice issued by the Authority to KMPL dated 6 July 2023;
“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;
“RAG” means regulated activity group as referred to in SUP;
“the Returns” means the CCR007 returns in relation to the period from 1 August 2019 to 31
July 2022 which were due for submission on various dates between 14 September 2020 and
12 September 2022;
“SFGB Levy” means the Single Financial Guidance Body Levy;
“SUP” means the Supervision Manual, part of the Handbook; and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).
FACTS AND MATTERS
4.
KMPL was authorised by the Authority on 15 August 2019 and given a Part 4A permission to
conduct the following regulated activities in relation to consumer credit business:
i. agreeing to carry on regulated activity; and
ii. credit broking.
5.
KMPL failed to pay periodic fees and levies owed to the Authority as required under the
Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R, 7A.3.1R and
13.2.1R. In particular, KMPL has failed to pay an invoice dated 13 October 2020 for periodic
fees and levies of £601.63 which had been due for payment by 11 January 2021.
6.
In addition, under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, KMPL is
required to submit the Returns to the Authority by the relevant due date. However, KMPL has
failed to submit the Returns to the Authority. The Authority therefore considers that KMPL has
failed to provide information to the Authority as is required by the Handbook, namely the
information it is required to provide in the Returns.
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7.
Furthermore, under SUP 16.10.4R, 16.10.4AR and 16.10.14AAR, KMPL is required to submit
the FDA to the Authority by the relevant due date. However, KMPL has failed to submit the FDA
to the Authority. The Authority therefore considers KMPL has failed to provide information to
the authority as is required by the Handbook, namely the information it is required to provide
in the FDA. There are no other matters that suggest KMPL is carrying out regulated activities.
8.
On 6 July 2023, the Authority gave KMPL the Notice which stated that:
(a)
it appears to the Authority that KMPL is carrying on no regulated activity to which its Part
4A permission relates; and
(b)
the Authority may take action to cancel KMPL’s Part 4A permission unless it responds to
the Notice in the manner specified in the directions to the Notice.
9.
KMPL failed to respond to the Notice.
10.
As a result of the matters specified above, on 10 August 2023, the Authority gave KMPL the
Further Notice which stated that:
a) the Authority considered that KMPL is carrying on no regulated activity to which its Part
4A permission relates; and
b) the Authority proposes to cancel KMPL’s Part 4A permission on 8 September 2023
unless KMPL takes the steps specified in the directions to the Further Notice.
11.
KMPL failed to take the steps specified in the Further Notice.
CANCELLATION OF PART 4A PERMISSION
12.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that KMPL is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel KMPL’s Part 4A
permission. The cancellation of KMPL’s Part 4A permission takes effect on the date of this Notice
of Decision.
13.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.
PROCEDURAL MATTERS
14.
This Notice of Decision is given to KMPL under paragraph 3 of Schedule 6A to the Act (variation
or cancellation of Part 4A permission on initiative of FCA: additional power).
The following paragraphs are important.
Annulment of the Authority’s decision
15.
If KMPL is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice
of Decision, KMPL may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.
16.
KMPL must submit a completed application for an annulment of the Authority’s decision to the
Authority by 7 September 2024 and in the manner specified by the Authority.
The Tribunal
17.
KMPL does not have a right to refer the decision to give this Notice of Decision to the Tribunal.
18.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.
19.
For more information concerning this matter generally, KMPL should contact Diluar Khan
(direct line: 020 7066 5953).
Jeremy Parkinson
Enforcement and Market Oversight Division
NOTICE OF DECISION
ACTION
1.
For the reasons given below, the Authority has decided to cancel Kenneth Martin Photography
Ltd’s Part 4A permission. The cancellation takes effect on the date of this Notice of Decision.
2.
The effect of the cancellation is that Kenneth Martin Phtography Ltd no longer has permission
to carry on any regulated activities.
DEFINITIONS
3.
The definitions below are used in this Notice of Decision (and in the Annex):
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“EG” means the Enforcement Guide;
“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;
2
FEES” means the Authority’s FEES Manual, part of the Handbook;
“FSCS” means the Financial Services Compensation Scheme;
“the Further Notice” means the further notice issued by the Authority to KMPL dated 10 August
2023;
“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the IML levy” means the Illegal Money Lending levy;
“KMPL” means Kenneth Martin Photography Ltd;
“KMPL’s Part 4A permission” means the Part 4A permission granted by the Authority to KMPL;
“the Notice” means the notice issued by the Authority to KMPL dated 6 July 2023;
“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;
“RAG” means regulated activity group as referred to in SUP;
“the Returns” means the CCR007 returns in relation to the period from 1 August 2019 to 31
July 2022 which were due for submission on various dates between 14 September 2020 and
12 September 2022;
“SFGB Levy” means the Single Financial Guidance Body Levy;
“SUP” means the Supervision Manual, part of the Handbook; and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).
FACTS AND MATTERS
4.
KMPL was authorised by the Authority on 15 August 2019 and given a Part 4A permission to
conduct the following regulated activities in relation to consumer credit business:
i. agreeing to carry on regulated activity; and
ii. credit broking.
5.
KMPL failed to pay periodic fees and levies owed to the Authority as required under the
Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R, 7A.3.1R and
13.2.1R. In particular, KMPL has failed to pay an invoice dated 13 October 2020 for periodic
fees and levies of £601.63 which had been due for payment by 11 January 2021.
6.
In addition, under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, KMPL is
required to submit the Returns to the Authority by the relevant due date. However, KMPL has
failed to submit the Returns to the Authority. The Authority therefore considers that KMPL has
failed to provide information to the Authority as is required by the Handbook, namely the
information it is required to provide in the Returns.
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7.
Furthermore, under SUP 16.10.4R, 16.10.4AR and 16.10.14AAR, KMPL is required to submit
the FDA to the Authority by the relevant due date. However, KMPL has failed to submit the FDA
to the Authority. The Authority therefore considers KMPL has failed to provide information to
the authority as is required by the Handbook, namely the information it is required to provide
in the FDA. There are no other matters that suggest KMPL is carrying out regulated activities.
8.
On 6 July 2023, the Authority gave KMPL the Notice which stated that:
(a)
it appears to the Authority that KMPL is carrying on no regulated activity to which its Part
4A permission relates; and
(b)
the Authority may take action to cancel KMPL’s Part 4A permission unless it responds to
the Notice in the manner specified in the directions to the Notice.
9.
KMPL failed to respond to the Notice.
10.
As a result of the matters specified above, on 10 August 2023, the Authority gave KMPL the
Further Notice which stated that:
a) the Authority considered that KMPL is carrying on no regulated activity to which its Part
4A permission relates; and
b) the Authority proposes to cancel KMPL’s Part 4A permission on 8 September 2023
unless KMPL takes the steps specified in the directions to the Further Notice.
11.
KMPL failed to take the steps specified in the Further Notice.
CANCELLATION OF PART 4A PERMISSION
12.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that KMPL is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel KMPL’s Part 4A
permission. The cancellation of KMPL’s Part 4A permission takes effect on the date of this Notice
of Decision.
13.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.
PROCEDURAL MATTERS
14.
This Notice of Decision is given to KMPL under paragraph 3 of Schedule 6A to the Act (variation
or cancellation of Part 4A permission on initiative of FCA: additional power).
The following paragraphs are important.
Annulment of the Authority’s decision
15.
If KMPL is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice
of Decision, KMPL may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.
16.
KMPL must submit a completed application for an annulment of the Authority’s decision to the
Authority by 7 September 2024 and in the manner specified by the Authority.
The Tribunal
17.
KMPL does not have a right to refer the decision to give this Notice of Decision to the Tribunal.
18.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.
19.
For more information concerning this matter generally, KMPL should contact Diluar Khan
(direct line: 020 7066 5953).
Jeremy Parkinson
Enforcement and Market Oversight Division