FINAL NOTICE

Individual
Reference Number:
MXB00326

ACTION

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

2.
The Authority gave Michael Bains a Decision Notice on 11 November 2013 (“the
Decision Notice”) which notified Michael Bains that for the reasons given below
and pursuant to section 56 of the Act, the Authority had decided to make an
order prohibiting him from performing any function in relation to any regulated
activity carried on by any authorised person, exempt person or exempt
professional firm (“the Prohibition Order”).

3.
Michael Bains 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, for the reasons set out below, the Authority hereby makes an order
pursuant to section 56 of the Act prohibiting Michael Bains from performing any
function in relation to any regulated activity carried on by any authorised person,
exempt person or exempt professional firm. The Prohibition Order takes effect
from 6 January 2014.

DEFINITIONS

5.
The definitions below are also used in this Final Notice:

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

“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct
Authority;

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

REASONS FOR THE ORDER

6.
The Authority has concluded, on the basis of the facts and matters and
conclusions described in the Warning Notice issued to Michael Bains on 8 October
2013, and in the Decision Notice, that Michael Bains is not a fit and proper person
to perform any functions as his conduct demonstrates a lack of honesty and
integrity, and that he poses a significant risk to consumers.


7.
Specifically, on 5 July 2013, Michael Bains was upon his own confession convicted
by York Crown Court of six counts of fraud, contrary to section 1 of the Fraud Act
2006, and on 6 August 2013, he was sentenced to a total of 18 months
imprisonment for those offences. Those financial crime offences were committed
between 6 April 2009 and 18 March 2012, during which period Michael Bains was
approved by the Authority to perform the CF30 (Customer) controlled function.


DECISION MAKER

8.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

9.
This Final Notice is given to Michael Bains in accordance with section 390(1) of
the Act.

Publicity

10.
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 Michael Bains or prejudicial to the interests of
consumers.


11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Contact

12.
For more information concerning this matter generally, please contact Roger
Hylton at the Authority (direct line: 020 7066 8168).

John Kirby
Enforcement and Financial Crime Division