FINAL NOTICE

ACTION

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

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

3.
M I Wealth 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 M I Wealth’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;

M I Wealth Management Limited

14 April 2016

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to M I Wealth dated 11
February 2016;

“M I Wealth” means M I Wealth Management Limited;

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

“the RMAR” means the Retail Mediation Activities Return for the period ended 30

June 2015, which was due to be submitted by 11 August 2015;

“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 M I Wealth on 14

January 2016.

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 M I Wealth is
failing to satisfy the Threshold Conditions, in that the Authority is not satisfied
that M I Wealth is a fit and proper person having regard to all the circumstances,
including whether M I Wealth has managed its business in such a way as to
ensure that its affairs are conducted in a sound and prudent manner.

7.
This is because M I Wealth has failed to comply with the regulatory requirement
to submit the RMAR. M I Wealth has not been open and co-operative in all its
dealings with the Authority, in that it has failed to respond adequately to the
Authority's repeated requests for it to submit the RMAR, 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 M I Wealth’s suitability, lead
the Authority to conclude that M I Wealth 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 M
I Wealth 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 M I Wealth in accordance with section 390(1) of the
Act.

M I Wealth Management Limited

14 April 2016

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 M I Wealth 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