FINAL NOTICE

To:
Mark Anthony Hurst Ainley trading as

Mark Anthony Financial Management

ACTION

1. For the reasons given in this Final Notice, the Authority hereby cancels the Part 4A

permission granted to Mark Anthony Hurst Ainley trading as Mark Anthony Financial

Management (“MAFM”).

SUMMARY OF REASONS

2. The Authority gave MAFM a Decision Notice on 5 July 2011, which notified MAFM

that, for the reasons given below and pursuant to section 55J of the Act, the Authority has

decided to cancel MAFM’s Part 4A permission.

3. On 1 August 2011, MAFM referred the Decision Notice to the Tribunal.

4. The
Tribunal,
in
a
written
decision
published
on
13
July
2012,

UT.pdf, dismissed MAFM’s reference and directed that MAFM’s Part 4A permission

should be cancelled.

5. The Tribunal concluded that Mr Ainley was not a fit and proper person and therefore his

sole trader firm, MAFM, did not meet the standards of fitness and propriety required by

Threshold Condition 5. The Tribunal also determined that Mr Ainley’s approval in

relation to MAFM should be withdrawn and that he be prohibited from performing any

function in relation to any regulated activity carried on by any authorised person (the

action taken against Mr Ainley is set out in a separate Final Notice which is published on

the Authority’s website). As a result, MAFM is now also failing to satisfy Threshold

Condition 4, in that MAFM does not have adequate resources in relation to the regulated

activities it carries on. Specifically, MAFM does not have adequate human resources.

6. On 14 February 2013, MAFM submitted an application to the Court of Appeal for

permission to appeal against the Tribunal’s decision. On 4 October 2013, the Court of

Appeal refused MAFM’s application on the grounds that it was totally without merit, and

made an order that MAFM may not request the decision to be reconsidered at an oral

hearing. Accordingly, the Authority has today cancelled MAFM’s Part 4A permission.

DEFINITIONS

7. The definitions below are used in this Final Notice.

1.
the “Act” means the Financial Services and Markets Act 2000;

2.
the “Authority” means the body corporate previously known as the Financial

Services Authority and renamed on 1 April 2013 as the Financial Conduct

Authority;

3.
the “Decision Notice” means the decision notice dated 5 July 2012 issued by the

Authority to MAFM;

4.
“MAFM” means Mark Anthony Hurst Ainley trading as Mark Anthony Financial

Management;

5.
“MAFM’s Part 4A permission” means the permission granted to MAFM under Part

IV of the Act;

6.
“Mr Ainley” means Mark Anthony Hurst Ainley;

7.
the “Threshold Conditions” means the threshold conditions set out in schedule 6 to

the Act; and

8.
the “Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).

PROCEDURAL MATTERS

Decision maker

8. The Final Notice is given to MAFM at the direction of the Tribunal and in accordance

with section 390(2) of the Act.

9. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information

about the matter to which this notice relates. Under those provisions, the Authority must

publish such information about the matter to which this 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 you or prejudicial to

the interests of consumers.

10. The Authority intends to publish such information about the matter to which this Final

Notice relates as it considers appropriate.

Contacts

11. For more information concerning this matter generally, contact Matthew Hendin at the

Financial
Conduct
Authority
(direct
line:
020
7066
0236
or
by
email:

matthew.hendin@fca.org.uk ).

Tom Spender

Enforcement and Financial Crime Division