1

NOTICE OF DECISION

ACTION

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


2.
The effect of the cancellation is that MWL 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;

“FEES” means the Authority’s FEES Manual, part of the Handbook;

“FSCS” means the Financial Services Compensation Scheme;

2

“the Further Notice” means the further notice issued by the Authority to MWL dated 10 August
2023;

“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;

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

“the IML levy” means the Illegal Money Lending levy;

“MWL” means Michael Wenman Limited;

“MWL’s Part 4A permission” means the Part 4A permission granted by the Authority to MWL;

“the Notice” means the notice issued by the Authority to MWL dated 27 June 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 returns in relation to the periods ending 29 February 2020
28 February 2021, 28 February 2022 and 28 February 2023 which were due for submission
on various dates between 14 April 2020 and 13 April 2023;

“SFGB Levy” means the Single Financial Guidance Body Levy;

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


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

FACTS AND MATTERS

4.
MWL was authorised by the Authority on 4 December 2018 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.
MWL failed to pay periodic fees and levies owed to the Authority as required under the
Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R, 7A.3.1R and
13.2.1R. In particular, MWL has failed to pay the following invoices:


i. an invoice dated 5 October 2021 for periodic fees and levies of £305.30 which

had been due for payment by 3 January 2022; and

ii. an invoice dated 6 September 2022 for periodic fees and levies of £408.24

which had been due for payment by 6 October 2022.

6.
In addition, under SUP 16.3.13R, 16.12.3R, SUP 16.12.4R and SUP 16.12.29CR, MWL is
required to submit the Returns to the Authority by the relevant due date. However, MWL has
failed to submit the Returns to the Authority. Furthermore, under SUP 16.10.4R, 16.10.4AR

3

and 16.10.14AAR, MWL is required to submit the FDA to the Authority by the relevant due
date. However, MWL has failed to submit the FDA to the Authority.


7.
The Authority therefore considers that MWL 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.

8.
On 27 June 2023, the Authority gave MWL the Notice which stated that:

(a)
it appears to the Authority that MWL is carrying on no regulated activity to which its Part
4A permission relates; and

(b)
the Authority may take action to cancel MWL’s Part 4A permission unless it responds to
the Notice in the manner specified in the directions to the Notice.

9.
MWL failed to respond to the Notice.

10.
As a result of the matters specified above, on 10 August 2023, the Authority gave MWL the
Further Notice which stated that:

a) the Authority considered that MWL is carrying on no regulated activity to which its Part

4A permission relates; and


b) the Authority proposes to cancel MWL’s Part 4A permission on 6 September 2023 unless

MWL takes the steps specified in the directions to the Further Notice.

11.
MWL 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 MWL is carrying on no regulated activity to which
its Part 4A permission relates. The Authority has therefore decided to cancel MWL’s Part 4A
permission. The cancellation of MWL’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 MWL 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 MWL is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice of
Decision, MWL may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.


16.
MWL must submit a completed application for an annulment of the Authority’s decision to the
Authority by 5 September 2024 and in the manner specified by the Authority.

The Tribunal

17.
MWL 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, MWL should contact Diluar Khan
(direct line: 020 7066 5953).

Jeremy Parkinson
Enforcement and Market Oversight Division