FINAL NOTICE

Of: 12 The Courtyard

FRN: 734634


Dated: 13 October 2017


ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Limited2Art.

2.
The Authority issued to Limited2Art 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 Limited2Art’s Part 4A permission.

3.
Limited2Art 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 Limited2Art’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 Limited2Art dated 23
August 2017;

“Limited2Art” means Limited2Art Ltd;

“Limited2Art’s Part 4A permission” means the permission granted by the
Authority to Limited2Art pursuant to Part 4A of the Act;

“the Return” means the CCR007 return for the period ended 31 July 2016, which
Limited2Art was due to submit to the Authority by 12 September 2016;

“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 Limited2Art dated 27
July 2017.


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 Limited2Art is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Limited2Art is a fit and proper person having regard to all the
circumstances, including whether Limited2Art 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 Limited2Art has failed to comply with the regulatory requirement
to submit the Return. Limited2Art has not been open and co-operative in all its
dealings with the Authority, in that Limited2Art 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 Limited2Art’s suitability,
lead the Authority to conclude that Limited2Art 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
Limited2Art 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 Limited2Art 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 Limited2Art 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 Rachel
Fasanya at the Authority (direct line: 020 7066 3202).

John Kirby
Enforcement and Market Oversight Division