FINAL NOTICE

ACTION

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

2.
The Authority gave Mohsin Shahzad Khan a Decision Notice on 3 June 2014 (“the
Decision Notice”) which notified him that for reasons given below and pursuant to
Regulation 10(1)(j) of the PSR, the Authority had decided to cancel the
registration granted to Mohsin Shahzad Khan.

3.
Mohsin Shahzad Khan 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 Mohsin Shahzad Khan’s
registration.

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 Information” means the information specified in paragraphs 1, 7, 8 and 9 of
Schedule 2 of the PSR, and which was required to be provided by Mohsin Shahzad
Khan to the Authority under Regulation 125A(2) of the PSR;

“Mohsin Shahzad Khan’s registration” means the registration granted by the
Authority to Mohsin Shahzad Khan as a SPI under the PSR;

“the PSR” means the Payment Services Regulations 2009;

“SPI” means Small Payment Institution; and


“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 issued to Mohsin Shahzad Khan dated 23 April 2014, and in the Decision
Notice, the Authority has concluded that Mohsin Shahzad Khan, a SPI registered
by the Authority to conduct payment services business under the PSR, has failed
to submit material information to the Authority, despite repeated requests by the
Authority that he does so. The Information which has not been submitted is
material because it is specifically required to be provided by Mohsin Shahzad
Khan under Regulation 125A(2) of the PSR to enable the Authority to assess
whether Mohsin Shahzad Khan meets the ‘fit and proper’ requirements applicable
to him (following amendments to the PSR on 1 October 2012).

7.
As Mohsin Shahzad Khan has failed to comply with Regulation 125A(2), the
Authority has cancelled his registration as a SPI, in accordance with Regulation
10(1)(j) of the PSR (as applied by Regulation 14).

DECISION MAKER

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

IMPORTANT

9.
This Final Notice is given to Mohsin Shahzad Khan in accordance with section
390(1) of the Act (as applied by paragraph 7(b) of Part 1 of Schedule 5 to the
PSR).

10.
Section 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 Mohsin Shahzad Khan or prejudicial to the interest of consumers.

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


3

Authority contact

12.
For more information concerning this matter generally, Mohsin Shahzad Khan
should contact Donovan Thorpe-Davis at the Authority (direct line: 020 7066
8678).

John Kirby
Enforcement and Financial Crime Division