FINAL NOTICE

Dated: 16 April 2012


1.
ACTION

1.1
For the reasons set out in this Final Notice, the Financial Services Authority (the
“FSA”) hereby takes the following action against Michael Patrick Powley (“Mr
Powley”).

1.2
The FSA gave Mr Powley a Decision Notice on 15 March 2012 (the “Decision
Notice”), which notified him that, for the reasons given below and pursuant to section
45 of the Financial Services and Markets Act 2000 (the “Act”), the FSA had decided
to cancel the permission granted to Mr Powley under Part IV of the Act (“Mr
Powley’s Part IV permission”).

1.3
Mr Powley has not referred the matter to the Upper Tribunal (Tax and Chancery
Chamber) within 28 days of the date on which the Decision Notice was given to him.

1.4
Accordingly, the FSA has today cancelled Mr Powley’s Part IV permission.

2.
REASONS FOR ACTION

2.1
On the basis of the facts and matters and conclusions described in its Warning Notice
issued to Mr Powley dated 31 January 2012 (the “Warning Notice”), and in the

Decision Notice, it appears to the FSA that Mr Powley is failing to satisfy the
threshold conditions set out in Schedule 6 to the Act (the “Threshold Conditions”) in
that the FSA is not satisfied that he is a fit and proper person having regard to all the
circumstances, including the need to ensure that his business is conducted soundly and
prudently.

2.2
This is because Mr Powley has failed to comply with the regulatory requirement to
submit his Retail Mediation Activities Return for the period ended 31 July 2011 (the
“RMAR”). Mr Powley has not been open and co-operative in all his dealings with the
FSA, in that he has failed to respond to the FSA's repeated requests for him to submit
the RMAR, and has thereby failed to comply with Principle 11 of the FSA's Principles
for Businesses and to satisfy the FSA that he is ready, willing and organised to comply
with the requirements and standards under the regulatory system.

2.3
These failures, which are significant in the context of Mr Powley’s suitability, leads
the FSA to conclude that Mr Powley is not conducting his business soundly and
prudently and in compliance with proper standards and that Mr Powley is not a fit and
proper person, and that he is therefore failing to satisfy the Threshold Conditions in
relation to the regulated activities for which he has had Part IV permission.

3.
DECISION MAKER

3.1
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

4.
IMPORTANT

4.1
This Final Notice is given to Mr Powley in accordance with section 390(1) of the Act.

Publicity

4.2
Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information
about the matter to which this Final Notice relates. Under those provisions, the FSA
must publish such information about the matter to which this Final Notice relates as
the FSA considers appropriate. The information may be published in such manner as
the FSA considers appropriate. However, the FSA may not publish information if
such publication would, in the opinion of the FSA, be unfair to Mr Powley or
prejudicial to the interests of consumers.

4.3
The FSA intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.

FSA Contact

4.4 For more information concerning this matter generally, you should contact Sarah
Brewer at the FSA (direct line: 020 7066 8886/fax: 020 7066 6677).

John Kirby
FSA Enforcement and Financial Crime Division