FINAL NOTICE

To:

Mohammed Hasan trading as Baba Money

Address:

84a Woodgrange Road


London


E7 0EW


FRN:

591215

Dated:

2 June 2014

ACTION

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the PSR, the Authority has decided to cancel the registration
granted to Mohammed Hasan trading as Baba Money (“Mr Hasan”) as a small
payment institution under the PSR (“Mr Hasan’s registration”).

2.
The Authority gave Mr Hasan a Decision Notice on 28 April 2014 (“the Decision
Notice”) which notified him that for the reasons given below and pursuant to
Regulation 10(1)(h) of the PSR, the Authority had decided to cancel the registration
granted to Mr Hasan as a small payment institution under the PSR.

3.
Mr Hasan 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, the Authority has today cancelled Mr Hasan’s registration as a small
payment institution.

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 Financial Conduct Authority;


“the PSR” means the Payment Services Regulations 2009;


Mohammed Hasan trading as Baba Money

2 June 2014

2

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

REASONS FOR THE ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice given to Mr Hasan dated 2 April 2014, and in the Decision Notice, the
Authority has concluded that Mr Hasan has failed to pay fees and levies totalling £560
owed to the Authority, £115 of which had been due for payment by 30 May 2013 and
£445 of which had been due for payment by 28 August 2013, and to respond
adequately to the Authority’s repeated requests that he pay the fees and levies.
These failings lead the Authority to conclude that Mr Hasan has failed to demonstrate
a readiness and willingness to comply with his ongoing regulatory obligations and to
deal with the Authority in an open and co-operative way. Therefore it is desirable to
cancel Mr Hasan’s registration as a small payment institution in order to protect the
interests of consumers, in accordance with Regulation 10(1)(h) of the PSR (as applied
by Regulation 14).

DECISION MAKER

7.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

IMPORTANT

8.
This Final Notice is given to Mr Hasan in accordance with section 390(1) of the Act
(as applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

9.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of Part
1 of Schedule 5 of the PSR) apply to the publication of information about the matter
to which this Final Notice relates. Under those provisions, 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 Mr Hasan or
prejudicial to the interests of consumers.

10.
The Authority intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.

11.
For more information concerning this matter generally, please contact Evan
Cheminais at the Authority (direct line: 0207 066 7232).

John Kirby
Enforcement and Financial Crime Division