FINAL NOTICE

Dated: 4 January 2017


ACTION

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

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

3.
MJAL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was issued to it.

4.
Accordingly, the Authority has today cancelled MJAL’s 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;

“the Decision Notice” means the Decision Notice issued to MJAL dated 18
November 2016;

“MJAL” means Michael James Automotive Limited;

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

“the Return” means the CCR007 return for the period ended 31 March 2016,
which MJAL was due to submit to the Authority by 13 May 2016;

“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 to MJAL dated 25 October
2016.


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

7.
This is because MJAL has failed to comply with the regulatory requirement to
submit the Return. MJAL has not been open and co-operative in all its dealings
with the Authority, in that MJAL has failed to respond adequately to the
Authority's repeated requests for it to submit the Return, and has thereby failed
to comply with Principle 11 of the Authority's Principles for Businesses and to
satisfy the Authority that it is ready, willing and organised to comply with the
requirements and standards under the regulatory system.

8.
These failures, which are significant in the context of MJAL’s suitability, lead the
Authority to conclude that MJAL 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 MJAL has had
a permission.

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 MJAL 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 MJAL 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 Jade
Flaherty at the Authority (direct line: 020 7066 2072).

John Kirby
Enforcement and Market Oversight Division