FINAL NOTICE

To:

Morecambe and Wize Sales Limited

Dated: 8 March 2018

ACTION

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

2.
The Authority issued to MWSL the Decision Notice which notified it that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel MWSL’s Part 4A permission.

3.
MWSL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was issued to it.

4.
Accordingly, the Authority has today cancelled MWSL’s Part 4A permission.

DEFINITIONS

5.
The definitions below are used in this Final Notice:

Morecambe and Wize Sales Limited

8 March 2018

“the Act” means the Financial Services and Markets Act 2000;

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to MWSL dated 24
January 2018;

“MWSL” means Morecambe and Wize Sales Limited;

“MWSL’s Part 4A permission” means the permission granted by the Authority to
MWSL pursuant to Part 4A of the Act;

“the Overdue Balance” means the amount owed by MWSL to the Authority
totalling £872 comprising: an invoice for £622 in respect of periodic fees and
levies, which was due for payment by 30 December 2016; and an invoice for
£250 which was due for payment by 9 June 2016, for late submission of a
CCR007 return;

“the Principles” means the Authority’s Principles for Businesses;

“the Return” means the CCR007 (key data) return for the period ended 31
January 2017, which was due to be submitted by 14 March 2017;

“the suitability Threshold Condition” means the threshold condition stated in
Paragraph 2E of Schedule 6 to the Act;

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

“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 to MWSL dated 3 January

2018.

REASONS FOR 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 MWSL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that MWSL is a fit and proper person having regard to all the circumstances,
including whether MWSL managed its business in such a way as to ensure that its
affairs were conducted in a sound and prudent manner.

7.
This is because MWSL has failed to comply with the regulatory requirement to
submit the Return and pay the Overdue Balance. MWSL has not been open and
co-operative in all its dealings with the Authority, in that it has failed to respond
adequately to the Authority's repeated requests for it to submit the Return and
pay the Overdue Balance, and has thereby failed to comply with Principle 11 of
the Authority's Principles for Businesses and to satisfy the Authority that it is
ready, willing and organised to comply with the requirements and standards
under the regulatory system.

Morecambe and Wize Sales Limited

8 March 2018

8.
These failures, which are significant in the context of MWSL’s suitability, lead the
Authority to conclude that MWSL 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 MWSL has
had a permission.

DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

10.
This Final Notice is given to MWSL in accordance with section 390(1) of the Act.

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 MWSL 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.

13.
For more information concerning this matter generally, please contact Prea Deans
at the Authority (direct line: 020 7066 2272).

Enforcement and Market Oversight Division