Final Notice
On , the Financial Conduct Authority issued a Final Notice to Moorland Mayfair Wealth Management Limited
1
FINAL NOTICE
To: Moorland Mayfair Wealth Management Limited
Address: 11 Tyn Y Parc Road
Cardiff
CF14 6BG
FRN: 748339
Dated: 19 September 2023
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Moorland Mayfair Wealth Management Limited (“MMWML”).
2.
The Authority issued to MMWML the Decision Notice which notified MMWML that for
the reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel MMWML’s Part 4A permission.
3.
MMWML has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.
4.
Accordingly, the Authority has today cancelled MMWML’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;
2
“the Decision Notice” means the Decision Notice issued by the Authority to MMWML
dated 7 August 2023;
“MMWML” means Moorland Mayfair Wealth Management Limited;
“MMWML’ Part 4A permission” means the permission granted by the Authority to
MMWML pursuant to Part 4A of the Act;
“the Overdue Balance” means the sum of £11,106.60 which was owed by MMWML
to the Authority, comprising an invoice dated between 23 July 2020 for regulatory
fees and levies, which had been due for payment on various dates between 22
August 2020;
“the Principles” means the Authority’s Principles for Businesses;
“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 by the Authority to MMWML
dated 10 July 2023.
REASONS FOR THE 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 MMWML is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that MMWML is a fit and proper person having regard to all the circumstances,
including whether MMWML managed its business in such a way as to ensure that
its affairs were conducted in a sound and prudent manner.
7.
MMWML has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that MMWML has failed to respond
to the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of MMWML’s suitability, lead the
Authority to conclude that MMWML 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 it has had a Part 4A
permission.
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
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IMPORTANT
10.
This Final Notice is given to MMWML 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 MMWML 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Jeremy Parkinson
Enforcement and Market Oversight Division
FINAL NOTICE
To: Moorland Mayfair Wealth Management Limited
Address: 11 Tyn Y Parc Road
Cardiff
CF14 6BG
FRN: 748339
Dated: 19 September 2023
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Moorland Mayfair Wealth Management Limited (“MMWML”).
2.
The Authority issued to MMWML the Decision Notice which notified MMWML that for
the reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel MMWML’s Part 4A permission.
3.
MMWML has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.
4.
Accordingly, the Authority has today cancelled MMWML’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;
2
“the Decision Notice” means the Decision Notice issued by the Authority to MMWML
dated 7 August 2023;
“MMWML” means Moorland Mayfair Wealth Management Limited;
“MMWML’ Part 4A permission” means the permission granted by the Authority to
MMWML pursuant to Part 4A of the Act;
“the Overdue Balance” means the sum of £11,106.60 which was owed by MMWML
to the Authority, comprising an invoice dated between 23 July 2020 for regulatory
fees and levies, which had been due for payment on various dates between 22
August 2020;
“the Principles” means the Authority’s Principles for Businesses;
“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 by the Authority to MMWML
dated 10 July 2023.
REASONS FOR THE 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 MMWML is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that MMWML is a fit and proper person having regard to all the circumstances,
including whether MMWML managed its business in such a way as to ensure that
its affairs were conducted in a sound and prudent manner.
7.
MMWML has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that MMWML has failed to respond
to the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of MMWML’s suitability, lead the
Authority to conclude that MMWML 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 it has had a Part 4A
permission.
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
3
IMPORTANT
10.
This Final Notice is given to MMWML 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 MMWML 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Jeremy Parkinson
Enforcement and Market Oversight Division