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NOTICE OF DECISION

ACTION

1.
For the reasons given below, the Authority has decided to cancel M&C Car Centre Limited’s Part
4A permission. The cancellation takes effect on the date of this Notice of Decision.


2.
The effect of the cancellation is that M&C Car Centre Limited no longer has permission to carry
on any regulated activities.


DEFINITIONS

3.
The definitions below are used in this Notice of Decision (and in the Annex):

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

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“FDA” means the Firm Details Attestation which Authority-authorised firms are required to
submit to the Authority under SUP 16.10;

“the Further Notice” means the further notice issued by the Authority to M&C Car Centre
Limited dated 10 August 2023;


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“the Handbook” means the Authority’s Handbook of rules and guidance;

“M&C Car Centre Limited’s Part 4A permission” means the Part 4A permission granted by the
Authority to M&C Car Centre Limited;

“the Notice” means the notice issued by the Authority to M&C Car Centre Limited dated 6 July
2023;

“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;

“RAG” means regulated activity group as referred to in SUP;

“the Returns” means the CCR007 return in relation to the period ending 31 March 2023 which
was due for submission on 18 May 2023;

“SUP” means the Supervision Manual, part of the Handbook; and


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

FACTS AND MATTERS

4.
M&C Car Centre Limited was authorised by the Authority on 27 August 2019 and given a Part
4A permission to conduct the following regulated activities in relation to consumer credit
business:

i. agreeing to carry on regulated activity;
ii. credit broking;
iii. debt adjusting; and
iv. debt-counselling.

5.
M&C Car Centre Limited submitted regulatory returns to the Authority for the period 1 April
2021 to 31 March 2022 which show that M&C Car Centre Limited has not generated any income
from the regulated activities it is permitted to carry on.

6.
In addition, under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, M&C Car
Centre Limited is required to submit the Returns to the Authority by the relevant due date.
However, M&C Car Centre Limited has failed to submit the Returns to the Authority.
Furthermore, under SUP 16.10.4R, 16.10.4AR and 16.10.14AAR, M&C Car Centre Limited is
required to submit the FDA to the Authority by the relevant due date. However, M&C Car Centre
Limited has failed to submit the FDA to the Authority.


7.
The Authority therefore considers M&C Car Centre Limited has failed to provide information to
the Authority as is required by the Handbook, namely the information it is required to provide
in the Returns and the FDA. There are no other matters that suggest M&C Car Centre Limited
is carrying out regulated activities.

8.
On 6 July 2023, the Authority gave M&C Car Centre Limited the Notice which stated that:

(a)
it appears to the Authority that M&C Car Centre Limited is carrying on no regulated
activity to which its Part 4A permission relates; and

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(b)
the Authority may take action to cancel M&C Car Centre Limited’s Part 4A permission
unless it responds to the Notice in the manner specified in the directions to the Notice.

9.
M&C Car Centre Limited failed to respond to the Notice.

10.
As a result of the matters specified above, on 10 August 2023, the Authority gave M&C Car
Centre Limited the Further Notice which stated that:

a) the Authority considered that M&C Car Centre Limited is carrying on no regulated

activity to which its Part 4A permission relates; and


b) the Authority proposes to cancel M&C Car Centre Limited’s Part 4A permission on 8

September 2023 unless M&C Car Centre Limited takes the steps specified in the
directions to the Further Notice.

11.
M&C Car Centre Limited failed to take the steps specified in the Further Notice.

CANCELLATION OF PART 4A PERMISSION

12.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that M&C Car Centre Limited is carrying on no regulated
activity to which its Part 4A permission relates. The Authority has therefore decided to cancel
M&C Car Centre Limited’s Part 4A permission. The cancellation of M&C Car Centre Limited’s
Part 4A permission takes effect on the date of this Notice of Decision.


13.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.

PROCEDURAL MATTERS



14.
This Notice of Decision is given to M&C Car Centre Limited under paragraph 3 of Schedule 6A
to the Act (variation or cancellation of Part 4A permission on initiative of FCA: additional
power).


The following paragraphs are important.

Annulment of the Authority’s decision

15.
If M&C Car Centre Limited is aggrieved by the decision to cancel its Part 4A permission as set
out in this Notice of Decision, M&C Car Centre Limited may make an application for an
annulment of the Authority’s decision under paragraph 4 of Schedule 6A to the Act.


16.
M&C Car Centre Limited must submit a completed application for an annulment of the
Authority’s decision to the Authority by 7 September 2024 and in the manner specified by
the Authority.

The Tribunal

17.
M&C Car Centre Limited does not have a right to refer the decision to give this Notice of Decision
to the Tribunal.


18.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.

19.
For more information concerning this matter generally, M&C Car Centre Limited should contact
Diluar Khan (direct line: 020 7066 5953).

Jeremy Parkinson
Enforcement and Market Oversight Division