1

FINAL NOTICE

To: Matrix Investments (1975) Limited

Address: 79B Broadway
Peterborough
Cambridgeshire
PE1 4DA

FRN: 723963


Dated: 8 August 2023

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Matrix Investments (1975) Limited (“Matrix Investments”).

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

3.
Matrix Investments 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 Matrix Investments’ 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;



Matrix Investments (1975) Limited 8 August 2023
Final Notice

2

“the Decision Notice” means the Decision Notice issued by the Authority to Matrix
Investments dated 26 June 2023;

“Matrix Investments” means Matrix Investments (1975) Limited;

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

“the Overdue Balance” means the outstanding sum of £1,653.49 owed by Matrix
Investments to the Authority, consisting of an invoice dated 9 September 2020 for
regulatory fees and levies for the period 1 April 2020 to 31 March 2021, which was
due for payment by 8 December 2020;

“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 by the Authority to Matrix
Investments dated 15 May 2023.

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


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

8.
These failings, which are significant in the context of Matrix Investments’ suitability,
lead the Authority to conclude that Matrix Investments 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
it has had a Part 4A permission.

DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.





Matrix Investments (1975) Limited 8 August 2023
Final Notice

3

IMPORTANT

10.
This Final Notice is given to Matrix Investments 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 Matrix Investments 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).




Anna Couzens
Enforcement and Market Oversight Division