Final Notice
On , the Financial Conduct Authority issued a Final Notice to MEADOWBROOK MOTORS LIMITED
1
FINAL NOTICE
To:
MEADOWBROOK MOTORS LIMITED
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against MML.
2.
The Authority issued to MML the Decision Notice which notified MML that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel MML’s Part 4A permission.
3.
MML 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 MML’s Part 4A permission.
3
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
Meadowbrook Motors Limited dated 6 July 2023;
“MML” means Meadowbrook Motors Limited;
“MML’s Part 4A permission” means the permission granted by the Authority to
Meadowbrook Motors Limited pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £724.77, owed by MML to
the Authority consisting of:
•
an invoice dated 10 October 2019 for £250 (which was due for payment by
9 November 2019) for the non-submission of a regulatory return; and
•
an invoice dated 15 October 2019 for £474.77 (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 MML
dated 9 June 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 MML is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
MML is a fit and proper person having regard to all the circumstances, including
whether MML managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
MML 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 MML 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 MML’s suitability, lead the
Authority to conclude that MML 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 permission.
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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.
IMPORTANT
10.
This Final Notice is given to MML in accordance with section 390(1) of the Act.
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 MML 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 Maciej
Alexander Bajko at the Authority (direct line: 020 7066 1838).
Anna Couzens
Enforcement and Market Oversight Division
FINAL NOTICE
To:
MEADOWBROOK MOTORS LIMITED
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against MML.
2.
The Authority issued to MML the Decision Notice which notified MML that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel MML’s Part 4A permission.
3.
MML 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 MML’s Part 4A permission.
3
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
Meadowbrook Motors Limited dated 6 July 2023;
“MML” means Meadowbrook Motors Limited;
“MML’s Part 4A permission” means the permission granted by the Authority to
Meadowbrook Motors Limited pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £724.77, owed by MML to
the Authority consisting of:
•
an invoice dated 10 October 2019 for £250 (which was due for payment by
9 November 2019) for the non-submission of a regulatory return; and
•
an invoice dated 15 October 2019 for £474.77 (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 MML
dated 9 June 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 MML is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
MML is a fit and proper person having regard to all the circumstances, including
whether MML managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
MML 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 MML 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 MML’s suitability, lead the
Authority to conclude that MML 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 permission.
3
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.
IMPORTANT
10.
This Final Notice is given to MML in accordance with section 390(1) of the Act.
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 MML 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 Maciej
Alexander Bajko at the Authority (direct line: 020 7066 1838).
Anna Couzens
Enforcement and Market Oversight Division