Final Notice
On , the Financial Conduct Authority issued a Final Notice to Matthews Sports and Prestige Ltd
FINAL NOTICE
To: Matthews Sports and Prestige Ltd
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against MSAPL.
2.
The Authority issued to MSAPL the Decision Notice which notified MSAPL that for
the reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel MSAPL’s Part 4A permission.
3.
MSAPL 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 MSAPL’s Part 4A permission.
Matthews Sports and Prestige Ltd 3 February 2022
Final Notice
Page 2
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 by the Authority to MSAPL
dated 24 September 2020;
“MSAPL” means Matthews Sports and Prestige Ltd;
“MSAPL’s Part 4A permission” means the permission granted by the Authority to
MSAPL pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £406.19 owed by MSAPL to
the Authority comprising an invoice dated 9 April 2019 for £250 (which was due for
payment by 9 May 2019) for the non- submission of a regulatory return, which had
been due to be submitted by 14 March 2019, and an invoice dated 15 October 2019
for £156.19 (which was due for payment by 14 November 2019) for regulatory fees
and levies for the period 1 April 2019 to 31 March 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 MSAPL
dated 3 September 2020.
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 MSAPL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that MSAPL is a fit and proper person having regard to all the circumstances,
including whether MSAPL managed its business in such a way as to ensure that its
affairs were conducted in a sound and prudent manner.
7.
MSAPL 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 MSAPL 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 failures, which are significant in the context of MSAPL’s suitability, lead the
Authority to conclude that MSAPL 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 was granted a Part 4A
permission.
Matthews Sports and Prestige Ltd 3 February 2022
Final Notice
Page 3
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 MSAPL 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 MSAPL 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
To: Matthews Sports and Prestige Ltd
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against MSAPL.
2.
The Authority issued to MSAPL the Decision Notice which notified MSAPL that for
the reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel MSAPL’s Part 4A permission.
3.
MSAPL 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 MSAPL’s Part 4A permission.
Matthews Sports and Prestige Ltd 3 February 2022
Final Notice
Page 2
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 by the Authority to MSAPL
dated 24 September 2020;
“MSAPL” means Matthews Sports and Prestige Ltd;
“MSAPL’s Part 4A permission” means the permission granted by the Authority to
MSAPL pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £406.19 owed by MSAPL to
the Authority comprising an invoice dated 9 April 2019 for £250 (which was due for
payment by 9 May 2019) for the non- submission of a regulatory return, which had
been due to be submitted by 14 March 2019, and an invoice dated 15 October 2019
for £156.19 (which was due for payment by 14 November 2019) for regulatory fees
and levies for the period 1 April 2019 to 31 March 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 MSAPL
dated 3 September 2020.
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 MSAPL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that MSAPL is a fit and proper person having regard to all the circumstances,
including whether MSAPL managed its business in such a way as to ensure that its
affairs were conducted in a sound and prudent manner.
7.
MSAPL 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 MSAPL 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 failures, which are significant in the context of MSAPL’s suitability, lead the
Authority to conclude that MSAPL 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 was granted a Part 4A
permission.
Matthews Sports and Prestige Ltd 3 February 2022
Final Notice
Page 3
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 MSAPL 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 MSAPL 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