FINAL NOTICE

ACTION

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


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


3.
Mr Forrest 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 Forrest’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 Mr Forrest on 24
January 2018;

“the Overdue Balance” means the amount owed by Mr Forrest to the Authority
totalling £395 comprising: an invoice for £145 in respect of fees and levies, which
was due for payment by 30 September 2016; and an invoice for £250 which was
due for payment by 12 August 2016, for late submission of a CCR007 return;

“the Principles” means the Authority’s Principles for Businesses;

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

“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E od 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 Forrest on 3 January
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 Forrest is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Forrest is a fit and proper person having regard to all the
circumstances, including whether Mr Forrest managed his business in such a way
as to ensure that his affairs are conducted in a sound and prudent manner.


7.
Mr Forrest has failed to pay the Overdue Balance and he has not been open and
co-operative in all his dealings with the Authority, in that Mr Forrest 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 under the regulatory system.


8.
These failures lead the Authority to conclude that Mr Forrest 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 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 Mr Forrest 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 Mr Forrest 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).

Anna Couzens
Enforcement and Market Oversight Division