FINAL NOTICE

To:

Kildare Capital (UK) Limited

ACTION

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


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


3.
KCL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.


4.
Accordingly, the Authority has today cancelled KCL’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;



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Final Notice
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“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to KCL on 15 June 2016;

“KCL” means Kildare Capital (UK) Limited;

“KCL’s Part 4A permission” means the permission granted by the Authority to KCL
under the Act;

“the Overdue Balance” means the amount owed by KCL to the Authority totalling
£2,937.91, comprising: £2,437.91 (in respect of periodic fees and levies) which
had been due for payment by 12 December 2015; £250 for an administrative fee
which had been due for payment by 18 July 2015 (in respect of non-submission
of a regulatory return due by 27 April 2015); and £250 for an administrative fee
which had been due for payment by 18 October 2015 (in respect of non-
submission of a regulatory return due by 11 August 2015);

“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 KCL on 26 May 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 KCL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that KCL is a fit and proper person having regard to all the circumstances,
including whether KCL managed its business in such a way as to ensure that its
affairs are conducted in a sound and prudent manner.


7.
KCL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that KCL has failed to respond to
the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles 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 lead the Authority to conclude that KCL 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 KCL 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.

Kildare Capital (UK) Limited 19 July 2016
Final Notice
Page 3

IMPORTANT

10.
This Final Notice is given to KCL 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 KCL 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).

John Kirby
Enforcement and Market Oversight Division