FINAL NOTICE

To:

Malcolm Buchanan

ACTION

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



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


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


4.
Accordingly, the Authority has today cancelled Mr Buchanan’s Part 4A permission.

Malcolm Buchanan







30 January 2019

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;


“Mr Buchanan’s Part 4A permission” means the permission granted by the Authority

to Malcolm Buchanan pursuant to Part 4A of the Act;

“the Decision Notice” means the Decision Notice issued to Mr Buchanan dated 1
November 2018;

“the Overdue Balance” means the outstanding sum of £303, owed by Mr Buchanan
to the Authority for annual fees and levies for the period 1 April 2017 to 31 March
2018, which was due for payment by 12 October 2017;

“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 Mr Buchanan dated 9
October 2018.

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 Mr Buchanan is
failing to meet the suitability Threshold Condition, in that the Authority is not satisfied
that Mr Buchanan is a fit and proper person having regard to all the circumstances,
including whether Mr Buchanan managed his business in such a way as to ensure
that his affairs were conducted in a sound and prudent manner.


7.
Mr Buchanan has failed to pay the Overdue Balance and has not been open and co-
operative in all his dealings with the Authority, in that Mr Buchanan has failed to
respond to the Authority’s repeated requests for him to pay the Overdue Balance,
and has thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that he is ready, willing and organised to comply with the requirements
and standards of the regulatory system.


8.
These failures, which are significant in the context of Mr Buchanan’s suitability, lead
the Authority to conclude that Mr Buchanan has failed to manage his business in
such a way as to ensure that his affairs are conducted in a sound and prudent
manner, that he is not a fit and proper person, and that he is therefore failing to
satisfy the Threshold Conditions in relation to the regulated activities for which he
has had a Part 4A permission.




Malcolm Buchanan







30 January 2019

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 Mr Buchanan 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 Mr Buchanan 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 Maria Lewis
at the Authority (direct line: 020 7066 0897).

Anna Couzens
Enforcement and Market Oversight Division